Kidnap and ransom insurance is established for the security of people who are located in certain areas. The kidnap insurance has certain policy coverage, such as handling the kidnapping incidents, extortion and hijacking risks. The policy will provide compensation to the holder if there are any losses. Paying the kidnap insurance policy does not mean that the insurance will cover the ransom part, because the insured pays for the ransom. Kidnap insurance policies include the costs resulted from the kidnapping, such as medical expenses. There are many situations in which the kidnap and ransom insurance will cover the following costs: personal accidents, disablement, loss of employment and even death will be compensated. The company providing the insurance also pays for crisis management and can also include prevention training. Having such an insurance policy does not mean that people should stop being vigilant. There are many situations in which companies provide crisis management training for workers before they send them to zones with a high risk. During the training, people are able to learn what to do in case of hostage situations. There are losses that appear as result of hijacking and kidnapping and the training can reduce them. Many corporations that operate locally or abroad are aware of the high risks, but they consider the chances are low. However, such incidents can always take place and when they occur, companies realise they should have better prepared. Worldwide, there are more than one thousand cases of kidnapping that involve corporate executives and professionals. More than that, there are also terroristic attacks putting people’s lives in danger. Workers sent to other countries should be taken into account, as their health is very important. They can be subjected to injuries and in some cases, the victims are killed. Of course, not everyone needs kidnap and ransom insurance policies. Kidnappers know the wealthy people, so high profile people should get such kidnap insurance. The victims have no choice than to follow the kidnapper’s orders, this includes paying for the ransom. In many situations, it is about huge sums of money and without such a kidnap and ransom insurance, individuals can lose the money. But with the proper kidnap insurance policy, people are guaranteed of reimbursement. There are a lot of cases in which the kidnappers do not make a difference between wealthy and average people. In fact, kidnapping is not limited to certain countries; such groups can exist everywhere around the world. Besides the ransom reimbursement, kidnap and ransom insurance policies are able to provide assistance to the companies and families of the insured victim. Certain people can take advantage of such an insurance policy, whereas some consider it to be an unimportant expenditure. When looking for an insurance policy, those interested should always study the provisions. Kidnap insurance is recommended for those working in high risk areas. Being a necessity in some cases, kidnap and ransom insurance is a big business for insurers around the world. With kidnap insurance it primarily provides coverage for companies who send employers to high risk regions.
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