There is a little known insurance product that is gaining more attention from businesses. It is of particular interest for those businesses that are expanding or currently have offices globally. It is Kidnap and Ransom insurance.
Kidnap and Ransom insurance is exactly what it sounds like and it also covers extortion attempts. Specifically it covers:
•Payments for ransom or extortion in response to a threat.
•Loss of those payments while they are being delivered.
•Expenses for travel and accommodations that may be necessary and independent negotiator fees.
•Liability coverage to protect the insured in case negligence in a hostage retrieval situation is alleged.
This specialized coverage is available from Risk Concepts Insurance Brokers. We are an independently owned business insurance brokerage that works with California based companies from our offices in Lafayette in providing a wide array of insurance services. If you are interested in learning more about Kidnap and Ransom Insurance or any of our other risk management products for business, we invite you to contact us.