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?
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.
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 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 include coverage for medical expenses.
Kidnap and ransom plans typically include the following types of coverage:
This is employer-sponsored travel insurance and it should be purchased by employers who:
Kidnap and Ransom is highly unique travel insurance and the factors that affect cost are varied. Some factors that affect cost are:
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:
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).
Damian Tysdal is the founder of CoverTrip, and is a licensed agent for travel insurance (MA 1883287). He believes travel insurance should be easier to understand, and started the first travel insurance blog in 2006.