Kidnap & Ransom insurance helps protect your organization from the financial impact of sudden and unexpected expenses related to kidnapping, extortion, and ransom or illegal detention. Kidnap & Ransom insurance policies refund funds paid to kidnappers or extortionists, loss of ransom in transit, and other expenses incurred resulting from a kidnapping. Threats might include bodily injury, property damage, pollution, cyberspace, and intellectual property risks. All businesses working on unstable grounds need to prepare for these threats that can originate or occur practically anywhere.
Kidnap & Ransom Insurance is an asset for any company with employees either traveling to or based overseas, particularly Latin America, Asia, some countries in the Middle East, Eastern Europe, and Africa. It is particularly suited to cash-rich or high-profile companies operating in turmoiled countries, as well as for manufacturers or retailers of consumer goods working in these countries.
These threats are growing and can happen to any business in the modern world. Even when no ransom money is paid, these stressful situations can create unexpected costs and can impact your business’s bottom line significantly.