Kidnap & Ransom Insurance?

While only a few people reading this will have any interest in an insurance that is one we are sure we will never need.  Yes, insurance in general falls into that category, we are sure we will never need it.  Those kind of things always happen to someone else.

The truth is they don’t always happen to someone else.  While the percentage will be small, when it does happen you change from a small percentage to a 100% victim.

Does your financial success put your family at risk?  Will your next vacation destination change your risk profile? Does the scope of your business operations put you or your employees at risk?

Kidnap and ransom insurance or K&R insurance is designed to protect individuals and corporations operating in high-risk areas around the world, such as Mexico, Venezuela, Haiti, and Nigeria, certain other countries in Latin America, as well as some parts of the Russian Federation and Eastern Europe. K&R insurance policies typically cover the perils of kidnap, extortion, wrongful detention, and hijacking.  K&R policies are indemnity policies - they reimburse a loss incurred by the insured. The policies do not pay ransoms on the behalf of the insured. The insured must first pay the ransom, thus incurring the loss, and then seek reimbursement under the policy. Losses typically reimbursed by K&R polices are ransom payments, loss-of-ransom-in-transit and additional expenses, such as medical expenses.

One of the known paradoxes of K&R policies is that those who have them are often not aware, as it can be provided by an employer hoping to protect the company's assets. It is believed that an employee with knowledge of his K&R policy might begin to act differently, or even collude in his own kidnap for fraudulent purposes.

Your Kidnap & Ransom policy will provide coverage for the following:

Ransom and extortion payments as a result of a kidnapping or extortion threat.

Loss of the ransom or extortion payment while being delivered.

Expense coverage as a result of a ransom or extortion demand which includes fees and expenses of independent negotiators, and travel and accommodation expenses.

Legal liability coverage protection in the event it is alleged the insured was negligent in a hostage retrieval.

Political threat coverage for expenses when a person is wrongfully detained by anyone acting for a government or with the government's approval.

When considering your needs for insurance products for your home or business consider contacting Bennett Insurance Group at 623-979-4140

Presented By:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com