Sports Insurance Glossary : Letter K

Kidnap and Ransom Insurance - Written for financial institutions and other corporations, this insurance covers named employees for individual or aggregate amounts paid as ransom, with deductibles requiring the insured to participate in approximately 10% of any loss.

Knowledge of Occurrence - Typically in a policy, this will describe when knowledge of an accident or occurrence is considered to be known to the insured person. Language may read as follows: Knowledge of the occurrence, claim or suit by the agent, servant, or employee of an insured shall not in itself constitute your knowledge unless one of your offices, managers or partners have received notice of the occurrence, claim or suit. Failure by the agent, servant or employee of an insured (other than an officer, manager or partner) to notify us of an occurrence shall not constitute a failure to comply with the provision in your policy titled Duties in the Event of Occurrence, Offense, Claim or Suit.