"Terrorist protection," including $1-million rewards in case of murder or serious injury during a kidnaping, is being offered by a San Francisco-based investment group.
The anti-hijack policy is being sold as part of $2,500 to $25,000 packages of financial services for clients with international business dealings, said Patrick Cox, an analyst for Co-Op Investment Bankers Inc. Several policies have been sold, he said.
Clients are given photo ID cards warning--in English, Arabic and Spanish--that the insurance company will pay a $100,000 reward for the capture or punishment of the kidnapers if they fail to release the policy holder within five hours.
In event of death or serious injury, the reward would be $1 million.
"The odds of somebody carrying this card being hijacked are quite small," said attorney Dana K. Drenkowski, a member of a committee that would review claims. "But if the person were in a hostage situation, he or she might be one of the first to be released."
Co-Op Insurance and Financial Guarantee Co. Ltd. of London are policy underwriters. Co-Op is a distributor for Trans-National Private Bankers Assn., which is offering the service.