Kidnap & Ransom Coverage
- Thread starter LIJames
- Start date
- 11,065
Re: Kidanp & Ransom Coverage
Very limited market without the right exposure to people who are in need of this kind of thing.
And airline pilots and cruise ship staff are not the ones to market to imo.
The opportunities for this are at a corporate level.
Most all companies that send their employees into high risk zones will have K&R coverage on them. They usually have a group style policy (more of a multi life discount than anything).
Yes there are opportunities on an individual level, I have sold some at this level. But its rare; and extremely hard to prospect for.
On the flip side; an individual K&R sell is an extremely easy sell to make!
"Mr. Prospect, there were 75 abductions of foregners in that country last year. Of the ones that werent killed, 1 million was the average asking price for ransom."
"If you were kidnapped would you feel more comfortable having the 2 million dollar policy or the 1 million?
While I am not an expert in this area; I do know that LLoyds/Petersen Int is the major player in this field.
Very limited market without the right exposure to people who are in need of this kind of thing.
And airline pilots and cruise ship staff are not the ones to market to imo.
The opportunities for this are at a corporate level.
Most all companies that send their employees into high risk zones will have K&R coverage on them. They usually have a group style policy (more of a multi life discount than anything).
Yes there are opportunities on an individual level, I have sold some at this level. But its rare; and extremely hard to prospect for.
On the flip side; an individual K&R sell is an extremely easy sell to make!
"Mr. Prospect, there were 75 abductions of foregners in that country last year. Of the ones that werent killed, 1 million was the average asking price for ransom."
"If you were kidnapped would you feel more comfortable having the 2 million dollar policy or the 1 million?
While I am not an expert in this area; I do know that LLoyds/Petersen Int is the major player in this field.
- Thread starter
- #3
Re: Kidanp & Ransom Coverage
Thats why I was asking. If the field is dominated by one or two major players selling the same coverage through the same carriers sometime a little guy like me can swoop in with a different carrier and start picking up quite a bit of premium before they even notice or care.
The personal side seems like a pretty easy sell $2,000 per year for 1,000,000 in K&R coverage with 20% commission. Especially the way the news outlets have been blasting piracy and hostage ect all over the papers and TV
Thats why I was asking. If the field is dominated by one or two major players selling the same coverage through the same carriers sometime a little guy like me can swoop in with a different carrier and start picking up quite a bit of premium before they even notice or care.
The personal side seems like a pretty easy sell $2,000 per year for 1,000,000 in K&R coverage with 20% commission. Especially the way the news outlets have been blasting piracy and hostage ect all over the papers and TV
- 11,065
Re: Kidanp & Ransom Coverage
If they are so great, then why not tell us who they are?
And look for engineers, architects, construction workers, etc; lots more of them going to dangerous places than airline pilots.
A word to the wise on this one though;
The ins and outs of K&R coverage are complicated.
The differences in coverage just from options from one carrier can be a good bit; let alone differences in competing products.
I would think that K&R Insurance would be the last type that you would want to go "bargain bin" with.....
And how can you even quote a price for the coverage when you have no risk information at all??!!
Either that quote is total BS, or if its a flat 2K for everyone, then the coverage is most definitely sub-par, because that is cheap for most areas this coverage is needed in.
If they are so great, then why not tell us who they are?
And look for engineers, architects, construction workers, etc; lots more of them going to dangerous places than airline pilots.
A word to the wise on this one though;
The ins and outs of K&R coverage are complicated.
The differences in coverage just from options from one carrier can be a good bit; let alone differences in competing products.
I would think that K&R Insurance would be the last type that you would want to go "bargain bin" with.....
And how can you even quote a price for the coverage when you have no risk information at all??!!
Either that quote is total BS, or if its a flat 2K for everyone, then the coverage is most definitely sub-par, because that is cheap for most areas this coverage is needed in.
- Thread starter
- #5
- Thread starter
- #7
It only just popped into play for me with the last 2 clients I had never really considered it before. Chubb, Chartis, and ACE include it in the standard high value policy forum up to 100k in coverage. If it is sold as a stand alone policy the coverage is based on the clients liquid assets so if he has 20 million in the bank the policy should be written for 20-25 million in coverage. The last K&R policy we closed was 21k in premium for the K&R policy alone. (yes the guy was worth a few bucks)
Just wanted to know if anyone has expierience selling this as a stand alone policy or if it is generally just pushed into high value clients packages.
This is specialty coverage that requires access to the right prospect. While the money may be good on a per sale basis, I can't see a solo agent making much money with it.
If you are in a P&C shop with numerous Fortune 1000 clients you might do well but few meet that criteria.
If you are in a P&C shop with numerous Fortune 1000 clients you might do well but few meet that criteria.
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