In this day and age, KRE Insurance is an absolute must for wealthy families, public and private corporations, non-governmental organizations (NGOs), entertainers, sports teams, missionaries and any entity traveling, living or working overseas or living in areas of high risk.
Coverage Scenario #1
A company in Mexico City sends three of its top executives to explore a new business opportunity in Venezuela. On the second day of the trip, after a tour of a production facility, one of the executives was abducted. After several hours of captivity, the kidnappers called the company and informed them that the executive was being held captive for a ransom of $1 million.
If you do not have KRE coverage, who do you call? The government of Venezuela?
If you do have KRE, you call the Crisis Response Unit’s 24/7 Hotline number and alert them to the situation. Within hours, Crisis Response Professionals will be in route to Mexico City to work with the company to advise and assist in the safe return of the victim.
After several days of negotiation, the executive was released unharmed for a reduced sum. Having KRE coverage, the company was able to utilize the Crisis Response Unit and their professionals. Upon conclusion, the Company will forward to XL the ransom amount with supporting documents, and normally within 30 days the company will be reimbursed for the cost up to the limit of the policy.
Coverage Scenario #2
A wealthy family was vacationing on the Baja coast. After a morning of deep-sea fishing, the family’s oldest son was abducted by kidnappers as he walked back to his hotel. While driving around town, the kidnappers began demanding money from the young man’s father.
The father called the 24/7 Hotline Number. Within minutes, the Crisis Response Unit professionals were visiting with the father, advising and assisting in the process of retrieving his son safely.
Once negotiations began, the kidnappers dropped their demands, abandoning their plan and returning the son safely.
Coverage Scenario #3
An entrepreneur got a call one afternoon from a disgruntled former employee that had taken possession of some important patent documents that pertained to the man’s business. The extortionist threatened to release these documents on the internet if his demands weren’t met.
After the threating call, the entrepreneur called the 24/7 Hotline Number and a team was deployed to the entrepreneur’s home.
After several days of negotiations, an agreement was reached with the disgruntled employee for a reduced amount. The company sent proof of loss to XL with supporting documents and the insured was reimbursed for their expenses up to the insureds coverage.