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Personal Property Coverage
International Automobile Insurance
Personal Liability Insurance
Domestic Policies Stateside
International Major Medical Insurance
Mr. Clements has been working in international insurance for more than
twenty years. He takes special interest in educating and counseling both
American government personnel and corporate employees, on their unique
insurance needs both at home and on assignment overseas. To accomplish
this, he travels on a regular basis to our American embassies and visits
many corporations abroad. He gives insurance presentations both locally
and internationally to groups of individuals being re-assigned as well
as to international HR Directors responsible for the relocation of their
employees. Clements & Company, established in 1947, is the leading
provider of personal expatriate insurance worldwide.
Traveling and living abroad can be a risky business. The following information
is vital in selecting the appropriate insurance program. It makes the
purchasing and understanding of international insurance as simple as possible.
PERSONAL PROPERTY COVERAGE
Insurance coverage applicable to an overseas move is very different from
your typical domestic homeowners or renters policy. Package policies specifically
designed to cover the unique aspects of international assignments are
recommended. Areas of coverage to be considered:
· Coverage for items left in commercial storage
· Transportation coverage on items shipped by sea, air and truck,
etc.
· Coverage at your residence abroad for fire, theft, acts of
God, etc.
· Protection for effects while traveling temporarily within
the United States or other countries
It is advisable to seek "All-Risks" coverage, which provides broader
protection, as well as "Replacement Cost" coverage, assuring
a non-depreciated claims settlement.
It is not recommended to rely on the insurance policy provided by
shippers and packers. Such policies may be inadequate, expensive or simply
unavailable.
Also, in the event of a loss, it may be difficult to determine which
party is fully responsible, resulting in the possibility of a denial of
your claim.
It also is advisable to complete a full inventory of effects, both
transported abroad and left in U.S. commercial storage. This will allow
you to comprehensively file claims with an insurance company in the event
of a loss.
INTERNATIONAL AUTOMOBILE INSURANCE
Physical Damage Coverage
This includes coverage for collision and comprehensive. Collision
insurance is coverage for your vehicle while being operated. Comprehensive
insurance provides coverage for the vehicle while it is parked, including
theft, vandalism, etc. Each coverage is provided under one policy. It
is recommended that this coverage be purchased from a U.S. insurance company.
The purchase of this coverage within the country in which you are located
can be very risky. Many local companies are poorly regulated and, therefore,
provide inconsistent claims settlements. Many overseas insurance companies
simply do not provide for standard areas of coverage that are normally
expected. In many cases, there is no regulatory body that can assist you
if you are dissatisfied with your claims settlement.
Liability Coverage
Automobile Primary Liability insurance must be purchased in the country
in which you are located. Local governments will require this in order
to register your vehicle. Be aware that limits of coverage can be very
low in many countries. If you are uncomfortable with the level of coverage
available in your country, you may wish to obtain Excess Liability insurance.
This coverage simply increases your locally purchased primary coverage
to an appropriate level of protection (U.S. $300,000 or $500,000). Excess
Liability coverage should be purchased from stateside insurance companies.
Also be aware when shopping for Primary Liability insurance that
rates may vary drastically. Do not assume that the premium quote you receive
is the standard within that country. Shopping for competitive rates is
as essential abroad as it is in the United States.
PERSONAL LIABILITY INSURANCE
Foreign Comprehensive Personal Liability coverage is available as
an endorsement to personal property policies. This coverage provides protection
against the payment of sums you may be held responsible for in the event
of suit. It protects you from losses that could occur on premises while
living abroad. It is recommended that such coverage be purchased. Rates
for this coverage are usually inexpensive.
DOMESTIC POLICIES STATESIDE
When moving abroad, it is important to understand that stateside
policies may need to be converted to appropriate forms of insurance coverage.
For example, when renting your home to others while residing abroad, your
current homeowners policy must be canceled and written under an appropriate
Fire Dwelling Policy, which should also include Owners', Landlords' and
Tenants' Liability coverage. It is important to make your domestic insurance
agent aware of your move, as well as to make sure your insurance agent
is familiar with the necessary coverage when residing abroad.
INTERNATIONAL MAJOR MEDICAL INSURANCE
If you are not covered under a group medical insurance program, individual
policies can be purchased. These policies include worldwide medical protection
and also can include evacuation services. Costs are reasonable and, in
many cases, less expensive than stateside coverage.
We hope this information has been helpful in the understanding of international
personal insurance.
Information provided by:
Clements & Company Insurance Worldwide
1660 L Street, N.W. 9th Floor
Washington, D.C. 20036
Tel #: 202-872-0060 or 800-872-0067
Fax: 202-466-9064
E-mail: info@clements.com
Website: http://www.clements.com
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