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Kidnap/Ransom and Extortion coverage is no longer just for very large multinational corporations or for the rich and famous. Today, Kidnap and Ransom insurance is available and necessary for most high profile individuals living in or traveling to certain areas of the world.
Are you a High Profile Individual?
The answer to that questions depends on where you are traveling or where you reside. For example, an American tourist traveling in Peru is a very tempting target, as would also be the case for an American traveling or residing in most areas of Central or South America. If your travels take you to Brazil, Columbia, the former Soviet Union states, India, Mexico, Philippines, Russia, Venezuela, Ecuador, Nigeria, South Africa and Yemen then you are particularly vulnerable and should definitely obtain this coverage.
The primary insuring agreements should include:
- Kidnap, Extortion and Hijack Expenses
- Ransom/Extortion moneys payment
- In transit moneys loss
- Detention & Evacuation Expenses
- Legal costs
- Medical/Death & Dismemberment
- Incident Response
Kidnap and Extortion has risen drastically since the early 1990's. The majority of events and incidents have taken place in the countries listed above; however, the trend has seen increased activity throughout Europe and South East Asia. In Europe, the average pay out is estimated to be $650,000USD. In Columbia, the average expatriate or traveler would be released for about $2 million US dollars. This does not include the additional expenses ranging from Interpreter, Medical, Consultants and Personal Security. These expenses are estimated to average at $85,000USD.
Worldwide there are twelve (20) insurance companies that offer coverage for this type of risk. The coverage, services and costs differ widely from company to company.
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