In general, a standard commercial insurance policy will protect you here in America. Not so for corporations, schools and religious or other volunteer groups who travel overseas to promote their interests or further benevolence, education and so on.
Without the vital international coverage, the wide risk exposure threatens, as the following claims illustrate.
1. Commercial General Liability Insurance (Third Party Property Damage)
Susan was appointed by her company to represent them in a foreign country. The hotel she was booked in seemed nice enough - until trouble presented itself. After washing up, she neglected to turn off the sink tap. While she was away drumming up business, the constantly running water spilled over onto the bathroom floor, and seeped through the ceilings below, causing extensive flood damage. Good thing for International Commercial Insurance that compensated the hotel establishment for the losses.
2. Products Liability Insurance (Coverage Jurisdiction)
A US factory that manufactures burners for foreign companies dealt with a foreign distributing company who in turn sold a batch to a 3rd-party client who used them in its industrial furnace. One burner did not work properly and caused significant damage to the furnace. This prompted the 3rd-party customer to sue the distributor, as well as the US based manufacturer. It was to the US company's advantage that they had recently purchased an international policy that covered the products liability.
3. Contingent Auto Liability Insurance (Difference in Policy Limits)
A US medical supply company dispatched one of its salesmen to a foreign company. The man used a rental car that came with the local auto liability policy with 750,000 local currency limits, equal to $40,000 US currency. Tragedy struck when the salesman crashed into another car and the other motorist died. The related claim exceeded the limits. Thankfully, the international commercial policy provided contingent auto liability with $1,000,000 limits per accident.
4. Executive Assistance While Traveling Insurance
A US-based organization sent its volunteers to a remote third-world village. Things did not go as planned when a volunteer came down with the dreaded mosquito-transmitted disease of malaria. As there was not adequate medical care available within the surrounding area, the sick man had to be taken to a big city - a journey that rung up the considerable cost of $50,000. Luckily, the overseas insurance policy that the organization held, covered the cost.
5. Overseas Voluntary Compensation (State of Hire Benefits)
A US corporation enlisted some of its workers to manage a factory located in a remote third-world area. As one employee oversaw the functions, he fell off of a forklift and fractured his knee. Now, the man was unable to work for over a month's time due to his disability. The international insurance covered the mishap with its foreign voluntary compensation coverage that extended the comparable state of hire, otherwise known as country of origin benefits.
6. Accidental Death and Dismemberment (Non-Occupational Injury)
While promoting his American company's interest in a foreign county, an employee spent his free time touring the capital city. While listening to the tour guide's explanations of the artifacts in a building, the worker fell down the stairs and fractured his elbow. The international insurance covered related benefits while including non-occupational medical expense coverage.
7. Kidnap and Extortion Insurance (Kidnapping)
The president of a US corporation flew to a neighboring country to oversee one of his company's factories. He was abducted after entering a car he thought was a taxi. The kidnappers demanded a ransom of $500,000 - something that the international policy covered under its Kidnap and Extortion clause.
8. Property Theft Insurance
A US mission traveled to a third-world country to tutor locals about modern agriculture. The group was devastated upon discovering that the farm equipment they had leased was missing - stolen by thieves! The international insurance covered the losses.
To learn about how your institution can benefit from an international policy, contact a knowledgeable independent agency.
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