Petersen International Kidnap and Ransom insurance

Petersen K&R individual or family insurance is designed for:

For those who have a U.S. address traveling outside the U.S.
Reimbursement policy only
Amount of ransom you can apply for is based on your assets and income
Minimum premium is USD500 and is based on
- Length of trip
- Location of trip
In addition to Kidnap, Detention, Extortion and hijacking, our carriers also have added coverage for disappearance, hostage and threats
Includes coverage in war and terrorist areas

Petersen Kidnap and Ransom Individual and Family Coverage - The Good:

24 hour response team throughout the world to help manage security risk
Tailored coverage and tailored locations depending on your needs
May insure all in the organization or key members or those going to specific countries

Petersen Kidnap and Ransom Individual and Family Coverage - Drawbacks:

GNI Highlights

Key Benefits of Petersen Kidnap and ransom Individual and Family coverage –

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.etc etc etc

Covered Events Of Kidnap & Ransom Coverage

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.

Some Security Risks and Definitions To Keep In Mind:

Example of an actual kidnap and ransom case:
- The International Engineering Firm. The company won a bid for a design and building project in Iraq. This was great news for the firm, but not such great news for the HR and Risk Management Departments.
- They had to scramble to find replacement Group Life, LTD, AD&D, Medical, and Kidnap & Ransom Insurance coverage for the employees being deployed, and of course the concern of war and terrorism was very important.

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