Things to Consider before Getting a Kidnap and Ransom Insurance
Kidnapping is becoming a big business in areas where economic crisis is greatly evident. In the recent years, a lot of documented kidnapping incidents are recorded with a huge amount of ransom money asked from the victims. This has increased every year because of the global recession and increased line of poverty among certain countries. Thus, kidnap and ransom insurance policies are gaining popularity.
What is a kidnap and ransom insurance?
A kidnap and ransom insurance is a special type of travel insurance that protects individuals and businesses from financial losses. This insurance was made available in the market because of the increasing incidence of kidnapping in Central and South America, Africa, Middle East and some parts of Asia. The coverage for this insurance includes the ransom payment, bank loan interests, medical expenses, travel expenses, costs for crisis management and public relations, loss of income and reward money paid for the informants. This may vary on the type of coverage that an insurer chose, but it will be a great help in times of kidnapping.
When to buy a kidnap and ransom insurance?
Wealthy individuals or those with high rank positions in a corporation are often the target of kidnapping. If you are one of these individuals who frequently travel on risky places, then a kidnap and ransom insurance is good for you. Most employers or corporations do provide this type of policy for their executives and other employees who are assigned in foreign lands. This may not be discussed or employees may not be aware on this, but the company is already securing a kidnap and ransom insurance for them to be protected. It is also a way of protecting the assets of the company, in case theft and forgery take place. However, it is advised to ask the company first regarding the existence of a kidnap and ransom insurance before purchasing your own policy.
How and where to buy a kidnap and ransom insurance?
Despite the fact that a kidnap and ransom insurance is becoming popular, not all insurance companies are marketing this policy. In fact, some of them have restrictions or limitations on their kidnap and ransom insurance. War zone countries like Afghanistan and some parts of the Middle East are sometimes listed as restricted places. This would mean that anyone who goes to these countries and been kidnapped by a perpetrator will not be covered by the policy. Thus, it is important to understand the kidnap and ransom insurance policy before getting one.
Doing a thorough research in the internet is a great help to find the best insurance policy. There are several companies which you can contact online, that offers kidnap and ransom insurance at a certain cost. You can subscribe to their insurance policy directly or negotiate with an agent to ensure proper understanding of their offers. Nevertheless, it is vital to compare the cost and the benefits of each insurance company to differentiate the policies and obtain the most suitable for you.