Purchase a Kidnap and Ransom Policy to Protect Against the Unimaginable
Kidnap and ransom insurance in PA is intended to shield individuals, businesses and organizations that operate in high-risk areas from the dangers of kidnapping, extortion, hijacking and wrongful detention. Such policies may be designed to cover high-profile families, multinational corporations or other non-governmental organizations and can help protect you while dealing with an unthinkable nightmare scenario.
What Losses Are Typically Covered?
An insurance company won’t generally pay a ransom outright, but may reimburse the insured once they have paid a ransom demand or lost monies in an effort to make a ransom payment. Other expenses that may be associated with kidnapping or extortion–such as medical care, death or dismemberment, legal costs and wage replacement–may also be covered by the policy.
Some K&R policies will also cover fees and expenses for crisis management consultants. In a harrowing experience like kidnapping or extortion, having experienced professionals on your side can make the difference in keeping your asset (whether it be yourself, a loved one or an employee) safe. A K&R policy may even offer insureds kidnap prevention training before traveling to high-risk areas.
Why Do You Need Kidnap and Ransom Insurance?
It is estimated that over 1,000 kidnappings of executives and professionals occur worldwide each year. Any family or company that frequently travels internationally or visits a potentially threatening area can be served by the protection a K&R policy offers.
Although the risk might feel minimal, criminals make millions of dollars each year in kidnapping and extortion plots. In a situation where someone’s life or the lifeblood of your company is in danger, kidnap and ransom insurance in PA can be the savior.