Kidnap and ransom insurance is supposed to save people from having to give up their fortunes to protect their family members.
The victims of kidnapping can be targeted because of their wealth, public profile or even for just being in the wrong place at the wrong time. Kidnap & Ransom insurance provides you with both financial reimbursement and support following kidnap, extortion, detention or hijack.
A basic Kidnap & Ransom 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.