Kidnap and ransom have become an important issue for marine transportation and insurance. Some areas are consistently known as “kidnap hotspots” such as Gulf of Aden, Somalia, Indian Ocean, the Malacca Straits, Nigeria, Tanzania, Kenya, Mozambique and China.

What is covered

Kidnap and ransom (K&R) cover is to provide ship owners reimbursement for risks against pirate attacks. The most important parts of a K&R policy are the preventative and response services included within the policy. All K&R policies contain a specialised services of a response firm. This firm employs consultants who respond to a threat or incident and assist the policyholder in negotiating the safe release of a kidnap incident. The fees for the response consultants are met by the insurance company.

Subject to policy limits and terms and conditions, a K&R policy provides coverage for the following risks:

- Reimbursement of Ransom
- Loss of ransom in transit
- Security consultants fees and expenses.
- Personal accidents
- Additional expenses
- Legal fees

Additionally, K&R underwriters can provide, Loss of hire (LOH) cover during the kidnapped period.

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Kidnap and Ransom Insurance

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Kidnap and Ransom Insurance

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