Experts: Kidnapping insurance a bad idea

Experts told Newsday that no local insurance company sells kidnap/ransom and extortion insurance to the public, but some foreign entities have come to TT in the past to offer the product. They could not say if those ventures were successful.

One expert said the local perpetrators of kidnappings seem to be using this form of crime as a business, and all business persons (legitimate or otherwise) must be aware of the target market for their products.

Explaining that confidentiality and confidence were critical aspects where kidnap/ransom and extortion insurance was concerned, another expert said kidnappings could increase in TT if criminals became aware that persons had this type of insurance coverage.

The expert added that marketing such a form of insurance in TT is something which should never be advocated and there were certain regulators which insurance companies had to go through in order to know what type of products they could sell to the population.

San Juan Business Association president Gail Merhair said she was unaware of any local insurance company that sold this product, noting that this could be due to the sense of mistrust and high level of paranoia that people would have where confidentiality is concerned.

Chamber of Industry and Commerce president Christian Mouttet, TT Manufacturers’ Association president Paul Quesnel, and officials of the Downtown Owners’ and Merchants’ Association (DOMA) said they did not know that kidnap/ransom and extortion insurance was being sold locally and would not comment on its viability in this country.