Kidnapping And Ransom Insurance For Businesses: Absolute Necessity

Corporate policies normally cover most kidnapping-related expenses like hostage negotiation fees, lost wages and the ransom amount. On the other hand, stand-alone policy for individual plays a pivotal part in paying for the cost of dealing with a kidnapping. However, it does reimburse for ransom payments.

What is Kidnap and Ransom Insurance?

Kidnap, and Ransom Extortion insurance gives you numerous benefits and services. Apart from providing coverage for kidnappings and other happenings through a blend of financial indemnification and expert crisis management, a basic policy cover items like ransom payment, loss of income and medical care.

In addition, insurance companies can also give you some expert opinion on crisis management and can also impart employee training to prepare them if situation arises. This training can help them immensely in giving them the feel of what to do in a hostage situation to reduce losses due to kidnap or ransom.

When do I need Kidnap and Ransom Insurance?

According to one estimate, kidnap extortion and detention are real dangers for business firms operating both overseas and in domestic markets. Though, top management of these firms always overlooks these things by saying that it will never happen to us. They do not understand how much damage it can do on the business? With more than 1,000 annual kidnappings of business professionals and executives all around the world and number of terrorist's attacks, such policies is an absolute necessity in the eye of life and health insurance professionals who travels internationally.

Kidnap and Ransom insurance policies gives a much-needed cushion to your business with regard to independent investigations, collaborations, arrangement and delivery of funds, and number of other services pivotal to a safe, speedy and satisfactory resolution.

Extortionists don't discriminate on the basis of religion. Any business firm of any size can be a target for extortion threats against the firm and its employees. People tend to think business extortion and kidnapping always happen with firms who are global in nature. Radical groups and criminals are present everywhere. Kidnapping and ransom insurance will help you manage the costs link up with an extortion threat against your products, or your employees.

Kidnap and Ransom Insurance for Professional Athletes

The security of professional athletes in the sports of football and hockey is not a main concern and the security risks are negligible in these two sports. Because 99% of the football players in the U.S. are from the U.S. and U.S. football leagues do not exist in Latin America, we do not have many football players crossing international borders. The only risks in hockey are not related to the U.S. or Canada, but for U.S. and Canadian hockey players living and playing in Russia. So, what are the main things for sports teams and individual athletes to consider regarding their safety and security while abroad?

Kidnap and ransom insurance for professional soccer players: Almost a thousand professional soccer players around the world live and play in a foreign country away from home. Professional soccer players, playing anywhere in Latin America, should consider personal kidnap and ransom insurance policies for professional athletes. These security programs for soccer players cost around $1,800 a year for the very best plans, but as we just learned with Wilson Ramos, what could be more important?

The security of professional athletes when they return to their home country, if their home country is in Latin America: This is exactly what just happened to Wilson Ramos in Venezuela. Local residents of Venezuela know who he is, and they know how much money he is worth. Remember, a man that makes just a $1,000,000 USD a year is a relative billionaire in Latin America. Sports stars have historically not taken steps to protect themselves like the "traditional wealthy" or the "business rich", who have made investments in protection such as security details, bulletproof windows, and panic rooms.

Kidnap and ransom insurance for professional basketball players: Many U.S. citizens go overseas to play basketball. Most of the higher paid athletes should consider kidnap and ransom insurance for pro basketball players depending on the country where the league plays. This may be a growing concern as more NBA players consider playing in leagues outside the United States, as the current labor disputes wear on. Basketball is almost a global sport today and the kidnap and ransom risk will be different from country to country. Leagues span from Croatia to Shanghai, China.