The most important asset many business have these days is their employees. Those employees are carefully selected for their skills, experience, attitude, and ability to ensure business growth, but if a business gains attention, and we certainly hope it does, then those employees may be at greater risk for kidnapping when they travel.
Recently the head of a private security and insurance firm, Peter Stenning in Australia, confirmed U.S. intelligence that indicates Colombian terrorists are working to expand extortion activities. The presence of high-profile executives of large, wealthy corporations around the globe can attract the attention of criminals.
Kidnap and ransom insurance, known in the insurance world as K&R, can provide corporations (and individuals) with the ransom money needed to recover key employees or other corporate assets. This coverage may also cover the fees for hostage negotiation advisers and security consultants.
For individuals and businesses looking for this type of protection, we found a couple of plans worth reviewing:
The World Risk Portfolio plan from Travel Insurance Services is ideal for high-profile executives and corporations with employees who travel internationally frequently, this is specialized coverage combining multiple international insurance products to achieve a coverage plan that protects for these risks:
- Kidnap, extortion and ransom protection
- Foreign commercial liability, including employee theft, forgery and robbery
- Marine cargo and war risk coverage
- High repatriation costs
In this plan’s maximums are funds for death and dismemberment, ransom and extortion payments, expenses due to business interruption, consultant costs and more. The Corporate Kidnap, Ransom and Extortion Insurance plan from Global Underwriters is intended to protect corporate employers from the risks related to sending important employees out into the world to do business. With $50 million in coverage, employers are sure to have the protection they need.