Kidnap and Ransom Insurance Coverage in Hong Kong
The Kidnap and Ransom insurance plans offered by CCW Global in Hong Kong are indemnity policies – this means that they will compensate the policyholder for financial losses stemming from a specific class of risk.
Typical coverage under an international Kidnap and Ransom insurance plan in Hong Kong will include reimbursement protection for:
- Ransom Payments – reimbursement for money paid to recover the victim of kidnapping
- Transit and Delivery – coverage against the loss of ransom payments while in transit to final destination
- Accidental Death and Dismemberment – similar to Personal Accident coverage, will cover against the risk of accidental death or dismemberment which occurs during kidnapping
- Judgements and Legal liability – for claims and suits in relation to the kidnapping
- Additional Expenses and Allied Perils – Medical Care, Wage and Salary Replacement, other expenses relating to the kidnapping.
In many cases a Kidnap and Ransom insurance plan will not cover ransom payments directly; it is important to understand that the policyholder will normally have to provide the ransom payment out-of-pocket in a Kidnapping event, and receive reimbursement for that payment from the insurer at a later time. However, a Kidnap and Ransom insurance plan will generally provide coverage against interest payments generated via a loan which was taken to pay the ransom demanded by kidnappers.