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Foreign Risks, Foreign Concepts

Foreign Risks, Foreign Concepts

Jenny O’Sako digs in to the risks businesses may be overlooking when it comes to international business and travel. Whether your organization sends employees abroad on business, or is planning long-term overseas activities, here are the things you need to know.

Most organizations work diligently with their insurance brokers to create comprehensive insurance and risk management strategies, yet many inadvertently overlook the risks created by activities involving foreign countries, especially those deemed “incidental.” Whether your organization sends employees abroad on business, or is planning long-term overseas activities, you need to consider the special issues created by foreign risk. 

Most commercial general liability, workers compensation, automobile and property insurance policies do not provide coverage outside the United States and Canada. If your organization is involved in any of the following activities and you do not have international insurance coverage, you are most likely assuming more risk than you intend: 

  • Employees traveling and/or working overseas
  • Exhibition in foreign trade shows 
  • Exporting merchandise 
  • Relying on sales to overseas customers
  • Importing goods from an overseas supplier or manufacturer 
  • Manufacturing abroad 
  • Owning or renting foreign locations 
  • Owning or renting automobiles overseas
  • Warehousing inventory, equipment, supplies or raw stock overseas 

International Insurance Policies 

Some international coverages can be obtained by requesting an endorsement to an existing policy while others are available only as part of an international “package” policy. While there are numerous coverage options, most international “package” policies can be tailored to meet your specific needs by selecting as few as two of the following coverages. 

Premises & Product Liability 

This coverage follows the same concept as Premises and Products liability policies in the U.S. expect for one major difference: it responds to lawsuits originating outside the United States and Canada. If you rent or own offices or manufacturing plants outside the U.S., or if you export products…

See the full article here on Savannah CEO.