Need For International Insurance Often Goes Unrecognized

Thanks to the web, today companies of any size can now operate globally. Many companies have expanded operations to include international sales, travel by employees, overseas manufacturing, importing and exporting of raw materials and finished goods. What has not expanded however, is the insurance portfolio to cover these new exposures.

Standard commercial insurance policies typically only provide coverage for claims and suits brought in the US, Canada and US territories. Activities occurring outside of this coverage territory are not covered by typical insurance portfolios. Many do not realize this.

All too often I discover companies operating globally with no insurance in place to protect them or their employees. The insurance portfolio needs to be considered a living asset. Periodic review and comparison of operations to coverages by a savvy Broker is essential for sound economic and operational security.

In-country insurance requirements of each country that an insured deals with need to be examined and accommodated as well. Doing so ensures that international insurance benefits will be allowed to respond to foreign claims and suits by the foreign government. Foreign national employees that travel to the US or elsewhere outside of their resident country need specific endorsement coverage as well.

            How far does your Product Liability coverage extend?

            When traveling internationally, are your employees covered for:

§         endemic disease?

§         food poisoning?

§         lost travel documents?

§         How about for legal issues that may arise?

International Insurance portfolios can include coverage for property, product liability, excess auto liability, workers’ compensation and more.

If you have questions about your insurance portfolio and what gaps in coverage may exist, call me. You can reach me directly at 858.202.6187.