Regular readers know our friends at Global Underwriters for their wide array of travel medical options, but they also work the other side of the insurance fence: since a lot of their business comes from employers with substantial international exposure, GU has an interesting product called Foreign General Liability (FGL) coverage. I'll let GU's Peter Schulteis explain:
"Today, thriving companies aren't just operating globally. They're sourcing, producing, recruiting, and genuinely "thinking" in global terms. However, most domestic General liability policies only cover lawsuits brought within US borders. This leaves US companies, schools, churches, non-profits, etc. and their international operations without a legal or financial safety net if taken to court abroad."
Okay, so what is Foreign General Liability coverage?
"FGL primarily consists of 3 main benefits:
■ International Commercial General Liability: The first line of defense against costly legal actions arising from events occurring outside US borders.
Typical Coverages: Bodily Injury and Property Damage, Employee Benefits Liability, Personal and Advertising Injury Liability, and Medical Payments.
■ Employer's Responsibility/Worker's Compensation: Outside the US, nothing quite compares to our nation's own worker's compensation system for comprehensive coverage [ed: as we've seen before].
Typical Coverages: Foreign Voluntary Worker's Compensation (Statutory worker's comp benefits for US and Non-US employee's), Employer's Liability - Bodily injury coverage to employee's for accident or endemic illness contracted outside the US.
■ Foreign Auto Liability: Each country and jurisdiction around the world has its own rules and regulations concerning automobile liability - from who would be at fault if an accident were to occur to how an automobile liability claim should be handled.
Typical Coverages: Applies to any auto of the insured, including owned, hired, and non-owned vehicles, Auto Bodily Injury/Property Damage Liability."
Nice. What are typical coverage amounts?
"FGL limits are typically $1 - $2 Million, with the possibility of increasing benefit limits to $5 Million, if desired."
Thanks, Peter!
If you (or someone you know) would like additional details (or even a quote), be sure to stop by Global Underwriters' site.
"Today, thriving companies aren't just operating globally. They're sourcing, producing, recruiting, and genuinely "thinking" in global terms. However, most domestic General liability policies only cover lawsuits brought within US borders. This leaves US companies, schools, churches, non-profits, etc. and their international operations without a legal or financial safety net if taken to court abroad."
Okay, so what is Foreign General Liability coverage?
"FGL primarily consists of 3 main benefits:
■ International Commercial General Liability: The first line of defense against costly legal actions arising from events occurring outside US borders.
Typical Coverages: Bodily Injury and Property Damage, Employee Benefits Liability, Personal and Advertising Injury Liability, and Medical Payments.
■ Employer's Responsibility/Worker's Compensation: Outside the US, nothing quite compares to our nation's own worker's compensation system for comprehensive coverage [ed: as we've seen before].
Typical Coverages: Foreign Voluntary Worker's Compensation (Statutory worker's comp benefits for US and Non-US employee's), Employer's Liability - Bodily injury coverage to employee's for accident or endemic illness contracted outside the US.
■ Foreign Auto Liability: Each country and jurisdiction around the world has its own rules and regulations concerning automobile liability - from who would be at fault if an accident were to occur to how an automobile liability claim should be handled.
Typical Coverages: Applies to any auto of the insured, including owned, hired, and non-owned vehicles, Auto Bodily Injury/Property Damage Liability."
Nice. What are typical coverage amounts?
"FGL limits are typically $1 - $2 Million, with the possibility of increasing benefit limits to $5 Million, if desired."
Thanks, Peter!
If you (or someone you know) would like additional details (or even a quote), be sure to stop by Global Underwriters' site.