Insubuy Insurance

8 AM-9 PM CST. Mon-Fri
8 AM-5 PM CST. Sat-Sun

Used By
  • Individuals
  • Corporations
  • Missionary Groups
  • Financial Institutions
  • Educational Institutions

Insurance Need

Imagine the overwhelming feeling of freedom and sheer joy that would be felt upon the release of a Kidnap victim. Now imagine the terror upon the realization that you are without insurance. Your company or your family had to pay the large ransom, purchase specialized phone equipment, hire security protection, hire a negotiator, and pay many more expenses, all of which were only made possible by liquidating ALL assets. In addition to this overwhelming amount of debt, in order to rejoin society the Kidnap victim may need extensive psychiatric counseling and rehabilitation.

How Coverage Works

Kidnap and Ransom Insurance has been developed to reimburse the policy owner for the expenses incurred with a Kidnapping. A policy owner will apply for coverage to protect themselves against a loss caused by a Kidnapping or an Extortion. The policy owner may apply for benefits up to their personal or corporate net worth. If a claim occurs the policy owner will need to front the money to the Kidnappers and then submit a claim to be reimbursed for the expenses.

One of the most beneficial parts of the plan is the unlimited expenses for the Crisis Response Team. The Crisis Response Team has worldwide knowledge about how negotiations should be handled in each specific location. They will provide advice based on their negotiating experience, such as:

  • Should the police be contacted/are the police trustworthy.
  • How to make the Kidnapper provide Proof of Life.
  • Where to set up a meeting.
  • How to strategically talk with the Kidnappers.
  • How to deliver the ransom.

Covered Events

Kidnap: The taking of one or more of the insured persons captive by persons who then demand a ransom, specifically from the policy owners assets, as a condition of the release of the insured.

Extortion: Threatening the insured with injury, death, abduction, or causing physical damage to or Loss of property.

Detention: The holding under duress of an insured for whatever reason, other than Kidnap, such as political detention.

Hijack: The illegal holding under duress for a period in excess of six consecutive hours of an insured while traveling on any aircraft , motor vehicle or waterborne vessel.

Key Benefits

Ransom Reimbursement: Underwriters will reimburse the ransom paid for a covered event.

Personal Accident: Lump sum benefit for loss of limb(s), loss of sight, loss of extremity, permanent total disablement or death of the insured, solely and directly as a result of a covered event.

Loss of Ransom During Delivery: The loss in transit of a ransom by confiscation, destruction, disappearance, seizure or theft while it is being conveyed, to those who have demanded it, by a person authorized to do so by the policy owner.

Private Negotiator: Expenses for an independent negotiator engaged by the policy owner with the prior authorization of underwriters.

Public Relations: Expenses of an independent public relations consultant and/or interpreter.

Travel Expenses: Costs of travel and accommodation incurred as recommended by the Crisis Response Team.

Psychiatric Expenses: Expenses for independent psychiatric, medical, and legal advice incurred prior to and within twelve consecutive calendar months of the release of the insured.

Reward Payments: Reward paid by the policy owner to an informant for information which contributes to the resolution of the covered event.

Financial Losses: Personal financial loss suffered by an insured person solely as a direct result of the physical inability to attend to personal financial matters while a victim of a Kidnap, Extortion, Detention or Hijacking.

Loss of Income: 100% of a Kidnapped, detained or Hijacked insured persons gross salary including bonuses, commissions, cost of living adjustments, pension and/or welfare contributions and allowances, which were contractually due at the time the covered event occurs and for 60 consecutive days following the release. Detention benefits will be limited to a period of 36 consecutive calendar months.

Employee Income Protector: The costs incurred by the policy owner for the salaries of employees specifically designated to assist in negotiating on an covered event. These are not to exceed the employee's 100% of salary including bonuses and allowances. It also covers all other reasonable expenses solely and directly incurred in connection with such negotiations, provided that an itemized account of such employee's time, services and expenses is provided.

Asset Protection: Benefits to cover interest on loans raised specifically to meet a Ransom and in respect of amounts reimbursed, provided that the loan is repaid within seven days of the policy owner receiving reimbursement of the same from the policy.

Security Coverage: Expenses for security guards hired solely and directly for the purpose of protecting a insured person located in the country where a covered event has occurred and on the specific recommendation of the Crisis Response Team

Specialized Equipment: Costs of communication equipment, recording equipment and advertising incurred solely as a result of a covered event.

Rehabilitation Benefit: Rest and rehabilitation expenses that occur within six consecutive calendar months following the release of a Kidnap, Detention, and/or Hijack victim and are incurred by the victim, the victim's spouse and/or children.

Funeral Expenses: Cost of repatriation of the body of the Kidnap, Detention, and/or Hijack victim in the event of death during a covered event. Costs of burial/cremation of the Kidnap and/or Detention and/or Hijack victim incurred in the event of death during a covered event.

Child Care: Expenses of child care incurred directly as a result of a Kidnap, Detention, and/or Hijack.

K&R 06.01.2010