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July 9, 2020 By Insurance News Editor

In Case Of An Earthquake

Protecting yourself and your family

  • Be sure that all family members know how to turn off utilities (gas, water and electricity) in an emergency.
  • Make sure every family member knows where safe spots are in each room, such as under sturdy tables or desks or in strong doorways.
  • Identify danger zones in each room, such as windows, bookshelves and furniture, that may fall over and cause injuries.

Protecting your property

  • Check to see that your house has been properly “tied” to the foundation. Extensive damage is often done to homes that shift and slide on the foundation during an earthquake. A contractor can advise you about this and suggest whether lateral bracing of the house walls is necessary.
  • Be sure that water heaters and other gas appliances are properly bolted down or supported on the floor or wall.
  • Put the heavier, breakable items on lower shelves.
  • Search the ceiling and foundation for deep plaster cracks. Make the necessary repairs if there are signs of structural defects.
  • Make an inventory of your possessions and store it off the premises. If your belongings are damaged, this list will help facilitate the claim filing process.

Source: Insurance Information Institute, “In Case of an Earthquake” http://www.iii.org website. Accessed July 10, 2020. http://www.iii.org/articles/in-case-of-an-earthquake.html

© Copyright 2020. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

Filed Under: Disaster, Home, Personal, Personal Protection, Theme 13

July 9, 2020 By Insurance News Editor

IN: Earthquakes: Standard Insurance Policies Do Not Cover You

Dear Valued Customer,

While earthquakes are most commonly associated with California, they have occurred in 39 states over the last 100 years, and have inflicted damage in all 50 states. In fact, each year there are about 5,000 earthquakes.

This issue of “————–” is focused upon understanding the risks and issues associated with insuring for earthquake loss, and the importance proper insurance coverage can have – especially when standard homeowners, renters and business insurance policies do not cover damage from earthquakes. Coverage, however, is available in the form of an endorsement to a home or business insurance policy.

We appreciate your continued business and look forward to serving you.

Kind regards,

Filed Under: Disaster, Home, Personal, Personal Protection, Theme 13

August 4, 2014 By Julian Aston

IN: What Does Kidnap & Ransom Insurance Cover?

Dear Valued Customer,

This issue of the “——————-“ is focused on Kidnap & Ransom Insurance.

According to the Havocscope threat index, the estimated present global impact of the threats of kidnap and ransom stands at $1.5 billion.

Please read on to understand more about this threat, what K&R insurance is and what it covers. When you take into account that the average ransom demand last year was $2 million and that this threat increases daily, we urge you to consider your situation.

We appreciate your continued business and look forward to serving you.

Kind regards,

 

Filed Under: Commercial, D&O/E&O, Personal Protection, Theme 128

August 4, 2014 By Julian

Kidnap & Ransom Insurance

People_ManWithBinocularsKidnap and ransom insurance or K&R insurance is designed to protect individuals and corporations operating in high-risk areas around the world. Locations most often named in policies include Mexico, Venezuela, Haiti, and Nigeria, certain other countries in Latin America, as well as some parts of the Russian Federation and Eastern Europe. Central Asia is also seeing increasing numbers of incidents, particularly in Afghanistan and Iraq. [1]

What Kidnap and Ransom Insurance Coverage Provides

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. Typically, the insured must first pay the ransom, thus incurring the loss, and then seek reimbursement under the policy.

Losses typically reimbursed by K&R insurance include:

  • Ransom Monies – Money paid or lost due to kidnapping
  • Transit/Delivery – Loss due to destruction, disappearance, confiscation, or wrongful appropriation of ransom monies being delivered to a covered kidnapping or extortion
  • Accidental Death or Dismemberment – Death or permanent physical disablement occurring during a kidnapping
  • Judgements and Legal Liability – Cost resulting from any claim or suit brought by any insured person against the insured
  • Additional Expenses – Medical care, PR counsel, wage and salary replacement, relocation and job retraining, and other expenses related to a kidnapping incident.

The policies also typically pay for the fees and expenses of crisis management consultants. These consultants provide advice to the insured on how to best respond to the incident. Even the most basic training for people traveling to dangerous places is not easily provided or is not obtained by small to mid sized companies.

Intended Audience

The policies may be written to cover high profile families, non-government organizations (NGOs), and multinational organizations. Some policies include kidnap prevention training.[2]

Underwriting Considerations

The major factors insurance underwriters weigh when considering a kidnap and ransom policy include the country of residence for the insured, the type of industry of the insured, revenue of the insured, and the travel patterns of any employees who may be covered by the policy.

Problems with Kidnap and Ransom Insurance

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.[3]

Criminal gangs are believed to make $500 million a year from kidnap and ransom payments.[4]

References

  1. “Kidnap and Ransom Monthly Review, July 2012”.
  2. http://www.scr-ltd.co.uk/Prev.html
  3. “No Concessions” with No Teeth: How Kidnap and Ransom Insurers and Insureds are Undermining U. S. Counterterrorism Policy”.
  4. “The Business of Kidnapping”.

Further reading

  • Database on Kidnap and Ransom-Havocscope Black Markets
  • Is K&R Coverage a Risky Business? – via Lloyd’s of London
  • Need K&R Insurance? – for human resources executives
  • Buying Protection from Terrorism – Human Resources magazine

Categories:

  • Kidnappings
  • Ransom
  • Types of insurance

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Source: Wikipedia, “Kidnap and ransom insurance” http://en.wikipedia.org website. Accessed November 28, 2015. http://en.wikipedia.org/wiki/Kidnap_and_ransom_insurance

© Copyright 2016. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

Filed Under: Commercial, D&O/E&O, Personal Protection, Theme 128

August 4, 2014 By Julian

What Does Kidnap & Ransom Insurance Cover?

People_QuestionManDepending on the type of policy, kidnap and ransom policies cover some of the expense of dealing with kidnappers and their demands.

Kidnapping for ransom money is on the upswing. Kidnap and ransom insurance is now available as part of a comprehensive business insurance package, as a stand-alone policy for individuals and from a few insurance companies as part of their homeowners insurance policy. Corporate policies generally cover most kidnapping-related expenses including hostage negotiation fees, lost wages and the ransom amount. Policies for individuals help pay for the cost of dealing with a kidnapping but do not reimburse for ransom payments.

Source: Insurance Information Institute, “What does kidnap and ransom insurance cover?” http://www.iii.org website. Accessed November 28, 2015. http://www.iii.org/article/what-does-kidnap-and-ransom-insurance-cover

© Copyright 2016. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

Filed Under: Commercial, D&O/E&O, Personal Protection, Theme 128

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