Foreign Operations Insurance
In simple terms, doing business internationally is part of sustaining Canada’s economy especially in an increasingly global economy. If doing business abroad is part of your company’s current or future growth strategy, understanding the scope foreign operations insurance that is available for international business is critical to protecting corporate assets, minimizing fines & penalties and even avoiding jail time in some jurisdictions.
Every insurance policy contains a territory clause and reviewing those carefully as well as the rules and regulations of the countries you are operating is an important part of an overall risk management strategy and developing an appropriate foreign operations insurance program.
Foreign Operations Insurance Considerations:
Foreign Operations Insurance coverage is similar to Domestic Operations Insurance coverage; however, it applies to foreign occurrences and includes protection when a suit is brought outside the U.S. or Canada. A Canada-based policy typically only covers lawsuits that are filed in U.S. or Canada.
* Foreign Operations Insurance – Auto Insurance provides physical damage and liability coverage for hired and non-owned vehicles operated and licensed overseas.
*Foreign Operations Insurance – Foreign Voluntary /Employers Insurance extends benefits for Canadian employees while travelling overseas or assigned to work outside the U.S. and Canada.
* Foreign Operations Insurance – Commercial Property and Business Income Insurance affords protection to locations outside of canada and the US as well as property while in transit for laptop computers, sales samples, personal property, etc. at overseas trade shows.
* Foreign Operations Insurance – Crime / Fidelity Insurance offers protection against losses resulting from dishonest acts perpetrated by employees overseas, including forgery, theft and robbery.
* Foreign Operations Insurance – Foreign Travel Accident & Sickness Insurance provides additional protection in the event of an emergency while travelling overseas.
* Foreign Operations Insurance – Kidnap, Ransom and Extortion Insurance is key for corporate executives, key employees, wealthy citizens and their families while traveling or doing business outside of Canada and the US.
* Foreign Operations Insurance – Marine Ocean Cargo Insurance for international shipments.
* Foreign Operations Insurance – Political Risk covers losses arising from confiscation, expropriation, nationalization/selective discrimination of property by foreign governments or embargo/license cancellation coverage for contracts.
To Learn More About Insuring Your Foreign Operations Call 1-866-287-0448 To Speak To An ALIGNED Insurance Advocate Or Connect With Us Today At www.alignedinsurance.com