Kidnap and Ransom Insurance

Kidnap and Ransom Insurance (KR) Kidnap and ransom insurance or K&R insurance is designed to protect individuals and corporations operating in high-risk areas around the world. Kidnap and ransom coverage is often provided as part of a corporate insurance portfolio. A basic K&R policy typically covers ransom payment, loss of income, interest on bank loans, and medical care. Companies often use it when they have employees who frequently travel to areas where kidnapping is a problem. K&R insurance can include coverage for spouses, relatives, guests, nannies, housekeepers, or just a single individual. The kidnap and ransom insurance does not pay the money directly. The family or employer pays the ransom - either out of pocket or by taking out a loan. Once the crisis is resolved, the insurer will reimburse the money to the policyholder, including any interest on money that has been borrowed. Certain entities are more vulnerable to hostile incidents than the average citizen, including: -Employees and contractors of multinational organizations, especially those working in remote or low-resource areas. -Employees working in (or individuals traveling to) areas suffering from political instability and socioeconomic hardships. -Employees of domestically-based companies who regularly travel internationally. -High-net-worth individuals and families, including celebrities. The policy claim will be null and void if the incident is found to be fraud, misrepresented or in case of any willful concealment of facts. Any consequential loss in business or at an individual level resulting from any unfortunate event will not be covered under this policy. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful