One type of coverage no one like to think about needing is ransom insurance. However, with kidnappings and related crimes on the rise in certain parts of the world, this is one type of insurance that some many want to consider maintaining. Understanding the ins and outs of these policies can help you feel more secure.
What Insurance Covers
As the name implies, ransom insurance helps cover the payment of ransom money to kidnappers. This type of insurance can also cover death and other medical expenses should the need arise.
How Coverage Works
This type of insurance policy is what is known as an indemnity policy. This means that the provider will reimburse the ransom money after it has been paid.
Often with policies covering kidnapping and ransom, your provider will also offer access to crisis management experts and other forms of aid and counseling. This way your coverage offers both financial protection and emotional support in these shocking and stressful situations.
Depending on your situation, you may find peace of mind in having an insurance policy in place in the event of a kidnapping. In this case, a ransom insurance policy can help provide coverage for ransom costs as well as other supports during a trying time.