Leading Kidnapping, Ransom and Extortion Insurance: Protecting Your Assets and Loved Ones
Becoming the victim of a kidnapping, having it happen to someone you love, associated to or with you or a member of your company is currently a very real threat in Latin America and even the United States. There are between 15,000 to 20,000 kidnappings reported annually around the world, and this number does not include unreported incidents. To imagine how much greater the threat truly is you must remember that less than 20% of kidnappings are actually reported to authorities in an attempt to recover loved ones.
Latin America, due to its success as an emerging market, has attracted a lot of global investment and tourism. Unfortunately, this success has also resulted in an increase in kidnaps and ransoms in the region. This is devastating and potentially life-threatening news for many businesses and individuals living in or traveling to Latin America.
This rise in kidnapping and ransoms means your loved ones and employees are not only at risk when at work, or when traveling, but even while relaxing at home. Spheric Assurance can help you counter this risk and keep you protected with a quality kidnapping, ransom and extortion insurance policy curated exclusively for you.
What is Kidnapping, Ransom and Extortion Insurance?
Kidnap and ransom insurance, also known as K&R insurance, is more than just an insurance policy. This insurance plan gives you immediate access to a valuable specialist in international crisis management, as well as reimbursing ransom and extortion payments and all other associated costs, Experience has shown that early access to a specialist's advice significantly increases the chance of your loved ones or your own safe release.
Who is Covered Under K&R Insurance?
When buying Kidnap and Ransom Coverage, it is important to note that it is your decision who gets covered by the policy. However, it is recommended, that on top of all family members, any person who directly works for your company be placed in the coverage. This includes contractors, the families of all employees and anyone visiting their homes or property.
Under a "corporate" K&R policy, coverage usually extends to and beyond all employees, including their families and anyone visiting the homes of the insured's. A “family” K&R policy covers only the people you name specifically.
Keep in mind, victims are often targeted because of their connection to the company, rather than their seniority within the organization. Also, some employees may be inherently more vulnerable by living and working in dangerous or high-risk locations. Typically, you are covered 24 hours a day/365 days a year under your Kidnapping and Ransom Insurance policy. Coverage is not restricted to business travel nor by working hours.
How Does Kidnapping and Ransom Insurance Work?
In most kidnapping scenarios, the perpetrators demand that the authorities – and other parties – not be notified. This can be quite challenging, leading to complications when you or your family needs to contact the insurance company. For this reason, many K&R policies include a provision that says the policyholder, employer or family should notify the insurance company and law enforcement officials about a kidnapping only when it’s safe and feasible to do so.
Once contacted, we will immediately swing into action, deploying specialists to assist in the release of the kidnapped individual, be it you, an employee or a loved one. This includes negotiations with the kidnappers, delivery of a ransom, evacuation and medical/psychiatric care.
However, it is important to note that the ransom is not paid out up front by your Kidnapping and Ransom Insurance policy. Instead, you or your family must initially pay it out of pocket or take out a loan, in which case most K&R policies cover interest on money borrowed for this purpose. Once the crisis is over, the insured has returned home and receipts for all payments made have been received, your policy will reimburse you for the ransom and related expenses – up to the dollar amount specified in your policy.
What Information is Needed to Receive a Kidnap and Ransom Insurance Quote?
Spheric Assurance will need the following information from you in order to curate the most accurate quote:
- The total number of people to be covered (for corporate K&R insurance plans, this can be an approximate total number of directors, officers and employees worldwide).
- Approximate number of permanent people to be covered per country.
- Approximate travel pattern per country; duration, frequency, number of travelers and any security precautions that are taken when in higher risk countries.
- Details of any previous threats or incidents.
For a Quote on Quality Kidnapping, Ransom and Extortion Insurance, Contact Spheric Assurance
Spheric Assurance Company has over 20 years of experience serving quality insurance to Latin America. We work hard to bring you the best insurance policy for your needs. If you have any questions about Kidnapping, Ransom, and Extortion Insurance, feel free to call Spheric Assurance.
Spheric Assurance Company will walk you through every step of the insurance process, from buying a perfectly tailored plan to making and filing a claim, we have you covered. To set up an appointment with one of our agents, or if you would simply like a quote on quality Kidnapping, Ransom, and Extortion Insurance give us a call today at (210)499-0700. We look forward to working with you!