What exactly is Kidnap and Ransom and what does it cover when you are working or living overseas?
At Good Neighbor Insurance, we have different coverages/types of insurance plans that close the gap between medical, liability, and risk of kidnapping around the world, and multiple options depending on your situation and need, including:
⁃ Regular overseas short and long-term insurance policies that include medical and political emergency evacuation
⁃ Threat / Risk management training (aka Travel Safety training) for travelers and expatriates
⁃ A Global Rescue plan that will go in and get you anywhere in the world
⁃ War and Terrorism policies that include term-life insurance, as well as AD&D
⁃ Kidnap and Ransom plans both individual K&R plans and group K&R for international organizations
When individuals and companies (schools, churches, non-profits, etc.) go overseas on business, to serve or consult, study or do missions work abroad, they are increasingly facing hostile environments and armed groups that see them as opportunities to raise media awareness, raise funds, or strike back against perceived hurts or threats.
Many of our individual clients and groups find they are exposed to Wrongful Detention in airports or by corrupt police (shakedown) or by governments (in retaliation for U.S. foreign policy or actions or due to violations of some unknown law), as well as Hijack, Kidnap, and Political Upheaval that necessitates Emergency Repatriation, even in countries considered relatively safe. That is why we consider it fundamental to our short-term policies and is included in many of our long-term plans as well.
US- and Western-based organizations also have institutional obligations to their volunteers and staff or could face lawsuits for failure to adequately provide protection for its charges when traveling or performing good works abroad. Our offerings protect them from judgements, settlements and defense costs.
Exactly what is Kidnap & Ransom (KRE) coverage?
KRE primarily consists of the following standard covered events / hostile situations:
Kidnap / Ransom: The abduction and holding of a covered person by someone who is demanding a ransom in exchange for the release of the captive person. This involves sending negotiators to work with local and national security, as well as with the kidnappers themselves.
Express Kidnapping: This covered event is a kidnapping where the duration of confinement is less than 24 hours, (usually in the process of escaping arrest or when at an ATM machine) or Unintentional kidnapping, due to circumstances the kidnapper had not considered perviously.
Hijacking: This is the illegal holding under duress of an insured while on board any form of transportation by people who demand a ransom in exchange for release, whether a car, boat or airplane.
Detention: This covered event is an arbitrary and capricious act of involuntary confinement of a covered person.
Extortion: This event is when a person receives a threat to cause bodily harm or property damage by a person or group who demand a ransom to deter carrying out their threat.
Our coverages also include: Crisis Response – 24 / 7 hotline access to professional crisis responders who help manage the threat anywhere in the world.
Due to the numbers of falsely reported kidnappings to exploit insurance or collusion in kidnap attempts, insurers are very careful when writing policies for Kidnap and Ransom. For more information, contact Good Neighbor Insurance and we’ll help you walk through your needs and answer your personal and organizational security questions.
Kidnap, Ransom and Extortion Insurance protects you and your family, but it also protects against financial loss and liquidation, as well as offering professional crisis management and security consultants to manage incidents along with the policyholder and their family.
If you have any questions regarding whether you need any of the above policies, which might fit you best, whether your destination is covered or excluded by a particular policy or plan, PLEASE CALL US. There are a number of countries excluded from certain short-term and long-term plans. Unless you are careful you may not find this out until after an incident. That is very inconvenient. Also, many policies will not cover certain situations if a U.S. or U.K. travel warning is in effect for that country / region prior to your day of departure. Once again, we can help you get the right policy for your trip/destination. Give us a call today at (866) 636-9100.