A FVWC policy covered the third country nationals while in the U.S. Foreign insurance peculiarities Although most insureds have a general idea how their domestic insurance operates, the same is not true for international insurance. Do not presume your domestic insurance policy will respond to international exposures. Likewise, do not assume a foreign local insurance company will provide similar coverage and claims handling services. Non-U.S. insurers provide limited earthquake coverage. In most countries, named peril property policies are standard and may have specific warranties such as accurately stating the operation at that location.
Problems can also occur if the claim is settled in a foreign currency that is seriously devalued.
They can be subject to expropriation or confiscation by a foreign government. The value of the currency needs to be determined in advance. Handling foreign exposure Now that you are aware of some of these issues, here is how you can protect your employees and company. Speak with your insurance broker to determine if your current U.S. insurer has the interest and capabilities to provide international assistance. Not all insurers have the needed ability or experience.