The Need For Kidnapping And Ransom Insurance

by : bizavings

Kidnapping for ransom money is on the high. Kidnapping and ransom insurance for businesses now comes up in three categories.

It comes up first, as a part of comprehensive business insurance package, second, as a stand-alone policy for people, and last, some of the insurance companies provide it as a part of their home owners' insurance policy.
Corporate policies normally cover most kidnapping'related expenses like hostage negotiation fees, lost wages and the ransom amount. On the other hand, a stand-alone policy for an individual plays a pivotal part in paying for the cost of dealing with a kidnapping. However, it does reimburse for ransom payments.

What is Kidnap and Ransom Insurance?
Kidnap, and Ransom Extortion insurance gives you numerous benefits and services. Apart from providing coverage for kidnappings and other happenings through a blend of financial indemnification and expert crisis management, a basic policy covers items like ransom payment, loss of income, and medical care.

In addition, insurance companies can also give you some expert opinions on crisis management and can impart employee training to prepare them if the situation arises. This training can help them immensely in giving them the feel of what to do in a hostage situation to reduce losses due to kidnapping or ransom.

When Do I Need Kidnap And Ransom Insurance?
According to one estimate, kidnap extortion and detention are real dangers for business firms operating both overseas and in domestic markets. Though, the top management of these firms always overlooks these things by saying that it will never happen to them. They do not understand how much damage it can do to the company. With more than 1,000 annual kidnappings of business professionals and executives all around the world and a number of terrorists attacks, such policies are an absolute necessity in the eye of life and health insurance professionals who travels internationally.

Kidnap and Ransom insurance policies give a muchneeded cushion to your business with regard to independent investigations, collaborations, arrangement, delivery of funds, and number of other services pivotal to a safe, speedy and satisfactory resolution.

Extortionists don't discriminate. Any business firm of any size can be a target for extortion threats against the firm and its employees. People tend to think business extortion and kidnapping always happen with firms that are global in nature. Radical groups and criminals are present everywhere. Kidnapping and ransom insurance will help you manage the costs linked with an extortion threat against your products, or your employees