Unfortunately, we live in a world today with uncertainty and risk. It makes sense to prepare for the unexpected. Kidnap, ransom and extortion are common risks for expatriates who are residing in high risk countries around the world. Expat Financial can help individual expatriates and their employers source global Kidnap & Ransom insurance coverage after examining your risk profile. Our insurance underwriters in London are able to search the market for the right kidnap insurance policies to fit almost any need and budget. We can source global individual and group plans where available.
About Kidnap & Ransom Insurance
Kidnap and Ransom is often referred to as K&R insurance and is used to protect organizations against the significant loss that can occur if an employee is detained or taken for ransom or extortion. The K&R insurer will be contacted by the family or expat employer so that the insurer’s highly experienced professionals can assist in the release of the kidnapped employee. The assistance services that are offered by most insured K&R plans include consulting services, medical, evacuation and all the necessary arrangements – including negotiating with the kidnappers and delivery of a ransom. The coverage is often recommended if an expatriate employee and his or her family are being posted to countries where kidnap risks are high – such as Mexico, Colombia, Afghanistan, parts of Africa and Central/South America. A special risk policy is an integral part of your organization’s duty of care.
International Kidnap & Ransom Plan Highlights
- The coverage will generally cover employees, officers, directors and their guests and relatives.
- Local employees and contractors should be covered
- It will also cover the person delivering the ransom
- K&R cover will also extend to employees on a 24/7 basis
- Protection against extortion of company employees
- Regional or worldwide coverage
- The services of experienced security consultants
- Access to security reports on a regional and country basis from the insurer’s database
- Reimbursement of expenses such as lost salary
- Accidental Death & Dismemberment Benefits that are a key component of the K&R Policy
- Employees should not be informed that they have K&R coverage and only a select few should be informed of its existence in order to prevent the employees from becoming an even more attractive target.
- Is there psychological support to the employees impacted by a kidnapping event?
- Does the policy cover disappearance? Active shooter?
These services if not insured can often be higher than the actual ransom paid. A K&R claim can easily run into the hundreds of thousands or even millions. It is critical that expat employers contact Expat Financial, a division of TFG Global Insurance Solutions Ltd., to discuss their kidnap risk profile so that our firm can search the market for a Kidnap and Ransom policy that will meet your organization’s needs and budget. The plans that we can source are for expatriate employees posted abroad only.