Foreign Property and Casualty: FAQ
Why would our organization need a foreign property and casualty policy?
The simplest answer is: Domestic liability plans will not protect you for all the situations you might encounter outside the U.S.
If your company has employees/volunteers permanently working abroad, sponsors trips or tours overseas, exports products or sells via the Internet, has international operations or offices, attends events in other countries, or does work on U.S. Military bases on foreign soil then you should have a foreign property and causality plan. And that’s because you never know what can happen while traveling abroad—medical emergencies, premises damage, and commercial property damage or among some of the most common.
What are some claim scenarios?
Commercial Property and Business Income: While in Japan for an international trade show, the sales staff of a large U.S. based medical instrument manufacturer had their rooms vandalized and robbed. They had left samples worth a total of $15,000 in their rooms while attending the opening reception.
Emergency Medical Evacuation: A warehouse manager touring one of the company’s overseas facilities suddenly became violently ill. The immediate area didn’t have a medical institute equipped to handle his severe condition so he had to be transported to the nearest city.
Products Liability: Metal disks manufactured by a U.S. firm were made into bottle caps by a German soda bottler. The cap blinded a German child, whose family sought damages from both the German bottler and the U.S. manufacturer. The lawsuit filed in the German courts were not covered under the U.S. firm’s General Liability policy.
What information do we need to give ISM to get a proposal?
All we need is a census of benefit-eligible employees including date of birth, gender, job classification, and annual salary. So that we can reconcile the census, we also ask for a current copy of your school's list invoice for any plan you have now.
To find out more about Foreign Property and Casualty Insurance, or to obtain an application, e-mail Andy Bobich, Directors & Officers Liability Department, or call 302-656-4944 (ext. 144).
ISM’s Foreign Property and Casualty program is designed to fill coverage gaps associated with overseas exposures and is underwritten by the insurance companies of ACE USA, having A+ ratings and the capability of doing business in more than 150 countries.