When traveling out of the country for leisure or business, consideration is rarely given to the dangers that lie across borders. The reality is that individuals who are perceived to be wealthy, who frequently travel to high-risk regions, may have their and their loved ones’ safety jeopardized. For this reason kidnap, ransom and extortion insurance should be a prime consideration; it may just save your life.
Across the globe, groups exist that are motivated by political or ideological aims or financial gain. They choose to kidnap individuals and extort money from their families or companies in order to carry out their agendas. Their targets are usually selected based on their public profile and the perceived wealth of their family or the organization for which they work. Annually more than 1,000 professionals and executives are kidnapped; it is a growing threat in today’s world.
Extortion in the United States also has doubled. Home invasions in California and Florida have increased, and child abduction and express kidnappings, in which the abducted person or family members are forced to withdraw money out of ATMs, are also cause for alarm. Online social networking sites are fast becoming important tools in the hands of criminal gangs. They use these sites to scope out potential victims, gather information about their daily lives, and to communicate with families after the abduction. Once the kidnapper is satisfied, the victim is usually released.
Kidnap, ransom and extortion (KRE) insurance is designed to protect individuals and their families, as well as businesses and employees, from these horrendous crimes. The KRE policy reimburses the insured for the financial loss. It provides assistance to the family and business with independent investigations, negotiations, arrangements, delivery of funds, and numerous other services vital to a safe, speedy and satisfactory resolution. The policy also indemnifies personal accident losses caused by a kidnapping; these include death, dismemberment and permanent total disablement of a kidnapped person.
In these times, when countries are struggling for financial stability and their populations are fighting to survive, safety when traveling should be a top priority, not just a consideration. Kidnap, ransom and extortion insurance will afford you the tranquility of knowing that should you ever be a target, you will not be a victim. Make KRE insurance part of your portfolio.
What to consider regarding Kidnap, Ransom and Extortion Insurance:
- Insurance company: Only a limited number of insurance organizations worldwide provide kidnap ransom and extortion insurance.
- Security consultants: Does the consultant representing the insurer have the necessary experience? Can multilingual consultants be at the scene of the event within 24 hours?
- Insurance broker: Is the broker experienced and knowledgeable about coverage, security consultants and claims?
- Insurance coverage: Does the policy include wrongful detention and hijacking, along with worldwide coverage?
For more information, please contact:
Roxana Sora
President - Seitlin Private Client Group
Tel: 305.513.5951
Email: rsora@seitlin.com
