What Does It Include?
K&R Insurance plans typically include the following types of coverage:
Coverage for death and dismemberment, Ransom or extortion payments
Consultant costs – ie Crisis Management and Security Consultants
K&R Insurance is designed to reimburse the loss suffered to you for the ransom money you paid in the event of a kidnapping. It will not pay the kidnapper directly. For this reason, we don’t recommend purchasing more than you can afford to pay out of pocket for a ransom.
How Does K&R Insurance Work?
In most kidnapping scenarios, the perpetrators demand that the victims avoid notifying other parties. A ransom is not paid out directly by the insurer but rather the family or employer that pays. A specific notification provision typically says that the policyholder, employer, or family should notify the insurer and the police about a kidnapping only when it is safe to do so.
Once the insurer is contacted, they act immediately and deploy specialists to assist in the release of the kidnapped individual. This assistance includes negotiations with the kidnappers, delivery of a ransom, evacuation, and appropriate care.
Once the crisis is over, the insurer will reimburse the policyholder for the ransom and related expenses. If total costs go beyond a specific limit, the policyholder is responsible for covering the extra costs.
Do I Need K&R Insurance?
For those traveling to certain foreign countries, high-net-worth individuals, and famous people, K&R insurance is most likely necessary in the case of covering any ransom costs. At Daigle and Travers, we provide you with personalised kidnap and ransom insurance policies that protect you best.