Kidnap & Ransom Insurance (Short Period)
Kidnap and Ransom insurance (K & R) is designed to cover individuals and corporations operating in high-risk areas around the world. The policy provides indemnity for the reimbursement for monies surrendered as either a ransom or extortion payment for the following:
A summary of the coverage is as follows:
Kidnap and Ransom
Reimburses the policyholder for ransom paid following an actual or alleged kidnapping of an insured person, relative or guest. Coverage includes hijacking and express kidnapping.
Extortion Bodily Injury
Indemnifies the policyholder for ransom paid following the receipt of a threat to kill, injure or kidnap an insured person, relative or guest.
Covers the policyholder for the salary of an insured person, relative or guest who is the victim of detention, as well as certain expenses incurred by the policyholder.
Extortion Property Damage
Insures the policyholder for ransom paid following, the receipt of a threat to cause physical damage or loss to the insured’s products or property. Coverage includes pollution/ contamination, trade secrets and computer viruses.