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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Kidnap and Ransom Insurance


Synonyms:kidnap & ransom coverage, kidnap insurance, kidnap ransom and extortion insurance, supplemental insurance
Filed Under: financial-banking, insurance
Tags: banking, insurance
 

Definition of kidnap and ransom insurance

kidnap and ransom insurance
1. An insurance policy purchased to protect individuals when working or travelling in high-risk areas such as Latin America, the Middle East, and Eastern Europe. Kidnap and ransom insurance, also known as K&R insurance, will reimburse the insured for ransom payments (both those paid, and those lost in transit) and cover perils such as kidnapping, extortion, wrongful detention, and hijacking in addition to providing coverage for death and dismemberment, disablement, and medical care for the kidnap victim. A K&R insurance policy may also reimburse the insured for crisis management consultants who provide advice on how best to respond to an incident.

Related Terms and Acronyms:

  • alien abduction insurance (AAI)   Insurance that covers costs resulting from alien abductions.
      ➥  An extra-terrestrial abduction policy.
  • coverage area   A geographical area where travel insurance coverage applies.
  • insurance (insur)   An arrangement where one party provides financial protection to another party for specific damages or losses.
  • named perils insurance policy   Insurance that only provides coverage in the event of a loss from a peril specifically named in the insurance policy.
  • peril   Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
  • pre-existing alien abduction clause (PEAAC)
  • travel insurance   Insurance that covers a number of events that can occur when an individual is travelling out of the province or country.

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