Foreign Insurance Policies or International Insurance Policies for your business can be difficult to get at times. Businesses have gone global, so sometimes they need outside the box coverage. Perhaps you are doing work for a company outside the country that is requiring you to have General Liability Insurance give them a Certificate of Insurance. Not a lot of insurance companies out there will write this kind of Business Insurance. I've had some recent success with these policies, so we wanted to let everyone know in case they are looking for this type of policy. As with all insurance policies, Foreign Insurance Policies do have their exclusions, so be sure to read your policy thoroughly.
An example of a foreign insurance policy we recently wrote was for a company that had been subcontracted by a larger corporation to do work in South America. In short, the larger company did not want to send their employees on international travel so they subcontracted it to my client. They did however require the subcontracted company, our insured, to carry General Liability limits of $1,000,000 per occurrence and $2,000,000 aggregate, which is not uncommon. Sometimes they may even require more coverage.
Another coverage option when looking at International Insurance Policies or Foreign Insurance Policies is Kidnap and Ransom Insurance. Some people don't want to think about this coverage, but it's worth exploring when getting a Foreign Insurance Policy.
Believe it or not, in some cases, the application process can be quite easy for these policies. If you are currently doing work outside the country, please make sure to call your agent or insurance company to let them know. If you have any questions regarding your insurance policy, let me know. I am here to help you navigate the waters of Business Insurance in Austin, TX.
Business Insurance Agent
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