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Kidnap and Ransom Travel Insurance

24 September 2011
Kidnap and Ransom Travel Insurance

This highly specialized travel insurance plan type provides protection against kidnap, ransom, and extortion losses for corporate employees. These plans are employer-sponsored plans purchased to protect employees and the corporation against financial losses.

Contents (click to jump down)
What makes kidnap and ransom travel insurance unique?
Why would you need Kidnap and Ransom travel insurance?
What coverage is included in kidnap and ransom travel insurance?
Who should buy this type of travel insurance?
How much does this travel insurance cost?
Where should you buy your travel insurance?
Which companies offer kidnap and ransom travel insurance plans?
Summary

What makes kidnap and ransom travel insurance unique?

Corporate kidnap and ransom insurance

This type of travel insurance protects corporations against financial losses that result from kidnapping, extortion, or ransom demands while also providing leading crisis management support services.

Focus is on kidnap, ransom, and extortion demands

This highly specialized type of travel insurance focuses first on having the funds and assistance available to navigate the problem and/or meet the demands of kidnappers when a corporate employee is held for ransom.

Some plans cover foreign commercial liability

Some plans include commercial liability coverage to protect against financial losses that can occur when doing business in a foreign country, including worker’s compensation, auto liability, and political risks such as embargo, confiscation, and more.

Some plans have a few extras

Some plans include coverage for medical expenses.

Why would you need Kidnap and Ransom travel insurance?

  • Your employees frequently travel in kidnap-prone regions of the world and you want protection for potential losses.
  • Your business hires foreign workers and you want protection for workers compensation claims as well as protection against employee theft, forgery, and robbery of corporate assets .
  • Your employees frequently hire and/or drive automobiles in a foreign country and you want liability protection in case of an accident.

What coverage is included in kidnap and ransom travel insurance?

Kidnap and ransom plans typically include the following types of coverage:

  • Coverage for death and dismemberment, ransom or extortion payments, recall costs, business interruption costs, consultant costs, and more related to corporate kidnapping.
  • Coverage for  financial losses due to kidnapping, extortion, or ransom demands while also providing leading crisis management support services.
  • Corporate liability protection against employee theft, forgery, or robbery of corporate assets.

Who should buy this type of travel insurance?

This is employer-sponsored travel insurance and it should be purchased by employers who:

  • Employ high-profile executives who travel frequently on international business. If your or your employees are traveling in high-risk areas, this coverage can protect against kidnap and ransom, foreign commercial liability, and more.
  • Hire foreign workers. This coverage provides coverage for employee theft, robbery and forgery of corporate assets overseas.
  • Send their employees overseas where they hire and/or drive rented or corporate vehicles. This coverage provides protection for corporate liability in the event of a traffic accident or collision involving an employee traveling on corporate business.

How much does this travel insurance cost?

Kidnap and Ransom is highly unique travel insurance and the factors that affect cost are varied. Some factors that affect cost are:

  • Choice of benefit amounts
  • Number of employees
  • Destination countries

See also:

Where should you buy your travel insurance?

You have two options for buying travel insurance – the best option is to compare plans from all companies, get quotes, and purchase your travel insurance plan online:

  1. Compare plans from all companies: Compare travel insurance plans from all companies, get quotes, and buy online.
  2. Quote and buy direct: Review the travel insurance companies and plans and purchase directly from the company.

All travel insurance companies include a free look period with a refund that lets you review the plan documentation. If you decide you need something a little different, you can make changes to your policy or cancel it for a refund (minus a small fee).

Summary

  • This is highly specialized travel insurance purchased employers to cover their losses
  • Most plans have flexible benefit choices that let you choose the benefit amount
  • High-risk destination countries can affect the premium
  • Use our travel insurance comparison tool to find kidnap and ransom plans and to compare prices
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Damian Tysdal
Author
DamianTysdal

Damian Tysdal is the founder of CoverTrip, and he believes travel insurance should be easier to understand. He started the first travel insurance blog in 2006.

Damian Tysdal is the founder of CoverTrip, and he believes travel insurance should be easier to understand. He started the first travel insurance blog in 2006.