ISO's Kidnap/Ransom and Extortion Insurance Program
With kidnapping for ransom on the rise around the world, ISO has introduced a new policy you can use to offer kidnap/ransom and extortion (KR&E) coverage to your customers.
Part of our crime and fidelity insurance program, the Kidnap/Ransom and Extortion Insurance Program includes policy forms, endorsements, manuals, and related KR&E materials. The policy covers various perils through a series of separate insuring agreements:
Kidnap/ransom and extortion — direct loss: coverage for loss resulting from the payment of a ransom demand resulting from a kidnapping or extortion threat
Kidnap/ransom and extortion — expenses incurred: coverage for expenses incurred in obtaining the release of a kidnapped victim or resolution of an extortion threat
Detention or hijack: coverage for various costs and fees associated with securing the release of a detained or hijacked person
In-transit delivery of property: coverage for loss of money being delivered as ransom while in the care and custody of a messenger
Optional coverage endorsements for ISO's KR&E policy include:
- payment to a kidnapped person or his/her estate, in the event that the kidnapped person dies or loses a limb or eyesight
- coverage for expenses incurred by the insured to recall products as a result of a threat to pollute or contaminate them
- coverage for lost business income and extra expenses incurred by the insured as a result of kidnap/ransom and extortion-related incidents
For more information . . .
. . . on ISO's Kidnap/Ransom and Extortion Insurance Program — or to get in touch with a sales representative — contact ISO.