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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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