What is Kidnap & Ransom Insurance?
There are 15,000 to 20,000 kidnappings reported globally each year,
with many more going unreported. A kidnapping is not only traumatic,
but it can lead to significant financial losses from ransom payments,
associated costs, business interruption, litigation, adverse publicity and long-term
reputation damage. Generally, Kidnap & Ransom Policy covers
Loss of ransom in transit;
Legal fees and other associated costs; and
Fees and expenses of specialist response consultants (unlimited)
There are some customised coverage available for political repatriation,loss of earnings,express kidnapping,
child abduction, hostage crisis, tiger kidnapping and disappearance, and expenses associated with malicious threats.
Aside from the person named on the policy, coverage is usually extended to the individual's spouse,
children, and those travelling with him.
Due to the nature of the risk that the insurers are indemnifying, secrecy is a prerequisite for ongoing coverage.
Accordingly, policyholders are generally prohibited from disclosing the existence of the policy and its coverage.
What is the benefit of this Insurance?
This Insurance is the product of present period where criminalization in any and every form is showing a rapidly increasing trend. With this background,
large business groups tend to cover their key persons and other management personnel having sufficient exposure against this threats under
K & R Insurance to protect their financial losses caused by this risk.
Who is it for?
Any person material to any business group and their immediate family members can be protected under this Insurance against any threat of kidnapping,
exhortion and allied risk.
Approximate cost of this Insurance?
Rating under this Insurance as with other liability insurance, depends on various factors for assessing the risk exposure.
A normal exposure like restricted within India and not very high profile subject can be rated at 0.5% to 1.25% which means for a Policy of say Rs.1 Cr, the premium will be around Rs. 50,000/- to Rs.1,25,000/-.
Claim procedure under this Insurance?
Normally, this Insurance is heavily re-insured in international market and there are some specialized Insurance Companies abroad for this special insurance.
In the event of any event which may lead to a claim, immediate intimation to the concerned Re-insurer is needed over phone or by other communication options as mentioned
in the Policy and an expert is deputed immediately to be present at the event spot for monitoring required negotiation in the matter alongwith local law enforcing bodies and if required, release of the ransom amount.
Extra precaution at every stage is made to mitigate the loss alongwith the prime objective of rescuing the kidnapped person safely.
©Copyright 2014 - till now| www.gibl.in | All Rights Reserved | Insurance
is the subject matter of solicitation.
IRDA License Code No : DB 482/10 Dated 27-05-2016 valid till 26-05-2019, Direct(Non-Life)
| Principal Officer : Mr. Santosh Kumar Sahoo | Ph: 033-6564-1850
Regd. & Corp. Office : GreenLife Insurance Broking Pvt. Ltd., A-4/B, 1st Floor,
Rishi Tech Park, Near Unitech, New Town, Kolkata-700156, West Bengal, India
Designed & Developed By : e-Celtic