Commercial Property and Liability
Kidnap, Ransom and Extortion Coverage
What is it?
Kidnap and ransom insurance policies provide coverage in the event of a kidnapping. The policies typically cover executives, employees, employees' families, and guests, at home and overseas, staying in their house or traveling with them.
What does it cover?
Kidnap and Ransom insurance policies will indemnify for:
- Ransom monies paid to kidnappers or extortionists
- Loss of ransom monies in transit
- Salary and other expenses incurred as a result of a kidnapping, extortion or wrongful detention
- Death or dismemberment
- Certain other legal expenses
Who needs K&R coverage?
K&R coverage is designed for a company that has employees either working or traveling overseas. A lot of smaller companies don't realize the exposures they face. Large companies have risk management teams and generally know more about the exposures they face. Any company with overseas employees should consider K&R coverage.