5 Reasons Schools Should Consider Kidnap Insurance
Many school proprietors in Lagos state are beginning to wake up to face the realities of our time.
They are considering kidnap insurance covers.
Local insurance companies have on their own part initiated talks to partner with foreign partners, for technical support as kidnap insurance is considered a delicate policy.
Chief Executive Officer of Boff & Company Insurance Brokers, Babajide Olatunde-Agbeja confirmed that more schools representatives have been walking in.
Deputy President, National Association of Proprietors of Private Schools, Yomi Odubela said “We have about four insurance covers like health, death, damage, and education in schools, so the kidnap and ransom insurance is a welcome idea,” he said.
Here are 5 reasons Kidnap and Ransom policies are important in schools.
1. The rate of kidnapping in schools is high
Lagos state has become a kidnappers' haven with Ikorodu, Epe and areas close to Ogun State under the radar of these human abductors.
Two Teachers and three Pupils of Turkish International College in Ogun state were kidnapped in January and in March, three students of the Babington Macaulay Junior Seminary School where kidnapped.
Six pupils abducted from the Lagos State Model College, Igbonla, Epe on Thursday, May 25, 2017, are yet to regain their freedom. The kidnapping in Epe was the second in eight months.
2. The kidnappers charge a lot of money
The kidnappers of students from the Lagos State Model College, Igbonla, Epe had earlier demanded one billion Naira ransom for the pupils which was later reduced to 600 million Naira and subsequently to 100 million Naira.
The parents of the three students of the Babington Macaulay Junior Seminary School were asked 200 million Naira as ransom money, while students from the Turkish International school were ‘charged’ between four million and 10 million for their release.
3. Kidnap and ransom insurance secures finances
Kidnap and ransom insurance protects corporations and individuals against financial losses that result from kidnapping, extortion and ransom demands.
Once contacted, the insurer immediately swings into action, deploying specialists to assist in the release of the kidnapped individual.
This includes negotiations with the kidnappers, delivery of a ransom, evacuation and medical/psychiatric care.
4. Kidnap and Ransom Policy could cover a lot of things
Some K&R policies also pick up the tab for loss due to injury, cosmetic or plastic surgery expenses, time away from work after release, travel expenses, reward money paid to informants, losses due to extortion, cyber-extortion, terrorism and in the worst-case scenario, funeral expenses.
5. Complex but necessary
Although these policies are often complex and sometimes expensive, they are an absolute necessity for employees or high-worth individuals traveling to kidnap-prone areas.