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LAREDO, Texas — Don’t waste your time looking it up on the Internet. It is advertised here exclusively by word of mouth. And even though it is not cheap, it is now selling like hot cakes.
Kidnap insurance traditionally associated with the lawless coca groves of Colombia or the tribal wetlands of Nigeria is now conquering south Texas.
Faced with a wave of crime, major U.S. insurance companies are quietly selling abduction coverage here to address the needs of businessmen on both sides of the U.S.-Mexican border.
“Yes sir, you can call it that. It’s ransom money,” nodded Glen Jackson, a local insurance executive, whose company Inscorp has been serving as a broker for New York’s AIG and the New Jersey-based Chubb Corporation that are pioneering the service on U.S. soil.