Kidnap – Extortion- Ransom Insurance (K&R)
It is a fact that in Greece, the phenomena of kidnapping and extortion for the purpose of gaining money from eminent people are becoming more and more frequent. People who are at risk of being kidnapped usually have escorts – personal safety on their journeys. An additional measure of protection against the risk of unlawful seizure that can be taken by someone is the kidnap – extortion – ransom insurance (k&r).
What is covered by kidnap extortion and ransom insurance:
- Particularly high ransom limits, depending on the financial size of the individual/ family/ businessman
- Loss of ransom during transportation
- Compensation in case of loss of life after the end of the kidnap
- Psychological support costs
- Physical recovery costs
- Costs of financial rehabilitation
- Direct and all-day communication with world-class consultants, advisory services in case of activation of the contract
- Global geographical coverage
- Prevention and training of insured persons against possible risk
What provides a ransom and extortion insurance policy to corporates:
- Coverage from significant financial losses of the company
- Legal requirements
- Coverage of the company’s reputation crisis
- Coverage from work interruption
When the coverage of the contract is activated:
When kidnap is presumed kidnap, threat or blackmail, illegal detention or piracy on the means of transport of the insured person, for the purpose of obtaining a sum of money.
To whom is the kidnap and ransom insurance directed:
The kidnap – ransom and blackmail insurance is primarily for businessmen, ship-owners, industrialists, easily recognizable persons, well-known artists, multinational companies. It is also targeted at airline executives, pharmaceutical executives, individuals who manage or have access to large amounts of money, individuals and executives of companies traveling to high-risk countries, employees in key business decision-makers, executives of financial institutions, The ransom and blackmail insurance can also be applied to members of a family who want to cover the risk of kidnapping a member.
What is the cost of a kidnap extortion ransom insurance policy:
The cost of the kidnap and ransom policy is calculated after several parameters are taken into consideration. The cost depends on the financial size of the assured person against the possible danger of kidnapping, the financial size of a business that is interested to insure executive employees, the travel habits or the cities of visiting, the personal protection measures that someone takes etc.