What does Robert Fischer from Inception have that most of us don’t? - Well, apart from his massive fortune, he’s insured against kidnapping for $10 million!
Fischer may be fictional, but his insurance policy isn’t. You see, Kidnapping is a fairly common crime that often ends in the victim suffering injuries or losing large amounts of money.
And so, companies, managers, NGOs, journalists, aid workers, and other individuals that work in unsafe regions get Kidnapping and Ransom (K&R) Insurance. This policy protects against any financial loss resulting from kidnapping, extortion, or ransom demand.
Though the full coverage varies from policy to policy, most cover things like ransom payment, medical care, interest on bank loans, business interruption, cost of PR consultants, and loss of income.
K&R Insurance is most often taken by companies as group coverage for those employees that travel frequently and run the risk of getting kidnapped. Individual plans are rare and mostly bought by wealthy business people or high-net-worth individuals for themselves and their family members.
Risks like fire, theft, or floods are far more common than your employee getting kidnapped. These can be covered through Fire and Allied Perils Insurance!