Relm Launches Kidnap and Ransom Insurance for Cannabis Executives Amid Rising Security Threats
- Relm Insurance launched a Kidnap and Ransom (K&R) insurance product targeting individuals and organizations in the digital asset and cannabis sectors to protect against physical threats like kidnapping, extortion, and malicious detention.
- The coverage addresses risks such as disappearance, virtual kidnapping, hijacking, hostage situations, and evacuations related to credible threats, tailored specifically to high-risk industries.
- The product is designed to help clients respond to increasing physical threats linked to high-value industries, including cryptocurrency executives and marijuana businesses that often handle large amounts of cash due to banking restrictions.
- The policy features crisis response support with access to experienced Security Response Directors worldwide, a 10% Risk Mitigation Allowance for pre-incident training and planning, plus 24/7 hotline access for security consultations.
Relm Insurance today announced the launch of its Kidnap and Ransom (K&R) insurance product which is “specifically designed to protect individuals and organizations in the digital asset and cannabis sectors from a growing spectrum of physical threats, including kidnap, extortion, malicious detention, and other crisis events.”
The Bermuda-based specialty insurer said the coverage is designed for individuals and organizations in the digital asset and marijuana sectors, with protection extending to events such as kidnapping, extortion, malicious detention, disappearance, express or virtual kidnapping, hijacking, hostage situations and evacuations tied to credible threats.
According to the company, the product comes as physical threats against people tied to high-value industries have become more common, including cases involving home invasions, coercion and ransom demands. While much of the recent attention has centered on cryptocurrency executives, Relm says marijuana businesses also face elevated risks because many continue to operate under banking restrictions that can leave them handling significant volumes of cash.
Joseph Ziolkowski, CEO and founder of Relm Insurance, said the new product is built to help clients respond to that threat environment while also maintaining continuity during emergencies. He said the coverage combines broad protection with crisis response and security consultation.
Relm said the policy is backed by a third-party security and crisis response partner that provides clients with immediate access to Security Response Directors. The company says that team has more than 200 years of combined crisis experience and has handled more than 1,600 incidents. Team members are positioned across multiple countries, including the United States, the United Kingdom, France, Spain, Mexico, Colombia, Nigeria and Portugal.
The company also says the policy includes a 10% Risk Mitigation Allowance, which can be used for pre-incident support such as training, threat awareness sessions and crisis planning. Clients are also given 24/7 hotline access and can request consultations to evaluate their exposure to security threats.