International Insurance - Part 2. Controlled Master Package

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1 International Insurance - Part 2 Controlled Master Package

2 INTERNATIONAL INSURANCE Controlled Master Package Part 2 Robin Federici, CPCU, AAI, ARM, AINS, AIS, CPIW PO BOX 781 NORTH KINGSTOWN, RI Phone: Fax: Robin s Cell Fred s Cell ROBINF@IETA.BIZ EFEDERICI@IETA.BIZ Web site:

3 This material has been designed for use in training programs for insurance industry personnel. It is not intended to be used as a complete reference resource on the programs and coverages outlined herein. The programs use standard policy forms and endorsements for the purposes of discussing the exposures to loss that may exist, some of the coverage options available to treat them, and to provide a framework for discussions with carriers you represent concerning the programs they have available. Coverages, rules and materials presented during this program may differ from those used by individual insurance companies. Contact individual carriers for details about interpretations of their eligibility requirements, particular insurance contracts and rates. Copyright 2012, by Insurance Education & Training Associates, LLC. All rights reserved. This document or any part thereof may not be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information retrieval system, without the express written consent of Insurance Education & Training Associates, LLC. Inquires should be addressed to: PO Box 781, North Kingstown, RI robinf@ieta.biz.

4 INTERNATIONAL INSURANCE PACKAGE POLICY OPTIONS Companies have at least two foreign insurance options: 1. Exporters Package (no physical location outside of the U.S.) 2. Controlled Master Program (physical location(s) outside of the U.S.) Exporters Package: Smaller companies with goods, services or people traveling overseas, but no bricks & mortar The package includes key features such as: foreign voluntary WC foreign GL and non-owned and hired auto. Additional insurance can be purchased, such as: personal property insurance for laptops or sales samples kidnap/ransom and travel accident insurance Controlled Master Package CMP): Companies with a bricks & mortar location outside of the U.S. Global insurance programs are built around a master policy issued in the territory of the insured's parent company (i.e. the U.S.) The master policy is then supported by multiple policies in local countries to cover local exposures and ensure regulatory compliance

5 THE LINGO Worldwide Insurance means an international insurance program with a policy territory consisting of the entire world except the country where the insured is domiciled Global Insurance means an international insurance program with a policy territory consisting of the entire world including the country where the insured is domiciled Admitted means coverage purchased from an insurer in the host country or from the foreign government Tariff in international insurance this term refers to rates and coverages set and published by the rating bureau having jurisdiction Compulsory has the same meaning that we have in the U.S. Various foreign countries impose a requirement, on U.S. companies, to purchase certain types of insurance coverage to operate in their country This coverage will be the first layer, primary coverage, with coverage purchased from a U.S. carrier acting as the excess layer The compulsory coverage must be purchased from an admitted carrier in the foreign jurisdiction or possibly the foreign government itself

6 CONTROLLED MASTER POLICY (CMP) CMPs are package policies for U.S. entities that have a foreign presence (brick and mortar) location in jurisdictions outside of the U.S CMPs are non-standard so careful examination of each policy form is required. There are a limited number of U.S. carriers that have ventured into this market and the extent of the basic coverages, as well as optional coverages, varies with each individual carrier s forms. CMPs may be worldwide or global insurance, and have the look and feel of a traditional U.S. package policy. The programs are usually built around a master policy, issued in the territory of the insured s parent company. The master policy is then supported by multiple policies in local countries to cover local exposures and meet compulsory insurance requirements. CONTROLLED MASTER POLICY (CMP) POLICY COMMON CONDITIONS 1. First named insured 2. Audit books 3. Changes 4. Premiums 5. Cancellation Non-payment and other reasons are similar except for the number of days notice 6. Compulsory admitted insurance: Insured is responsible to obtain compulsory admitted insurance if required to be in-force to satisfy the legal requirements of a given jurisdiction 7. Inspection and Surveys carrier has the right but not the obligation and these are only based on insurability 8. Transfer of Rights and Duties non-transferable without carrier written consent 9. Non-renewal 10. Special Provisions DIL & DIC = This insurance is applied to the part of loss or damage which exceeds the applicable limit of controlled admitted insurance AND/OR this insurance applies to loss or damage to the extent that underlying insurance does not apply

7 P&C INTERNATIONAL INSURANCE EXPOSURES Property The goal of most CMP is to provide coverage in a manner that U.S. insured s are used to seeing in their US insurance programs Insuring Property Two options: o List each location with a limit per direct and indirect o Provide a blanket limit including both direct and indirect coverage Insuring Property Deductibles: o Direct damage: usually a dollar amount o Indirect damage: usually waiting periods Valuation Replacement cost or ACV Cause of Loss: o Special Cause of Loss o Specified perils

8 P&C INTERNATIONAL INSURANCE EXPOSURES Property Property property is often defined as: o Building o Personal Property o Additional Coverages can include: Personal Property of employees Valuable papers and records Fine art Research and development property Direct Damage: these forms are non-standard; however, they tend to use definitions and phrases found in most US policies: o Building o Business Personal Property o Additional Coverages & Coverage Extensions Indirect Damage: these forms are non-standard; however, the indirect coverages are similar to those provided under US forms: o Business Income waiting periods o Extra Expense no deductible o Dependent Business Premises - recipient, contributing, manufacturing, and leader Electronic Data Processing Property: most provide coverage at a location and in transit. The perils vary greatly from one form to another Inland Marine and Crime: forms can provide some types of inland marine coverages and limited crime coverages o Accounts Receivable and Valuable Papers o Fine Art o Money and Securities

9 P&C INTERNATIONAL INSURANCE EXPOSURES Global Provisions: Property For property insurance programs, there are various global provisions that can be applied to the master policy: * A coinsurance deficiency clause reimburses the insured for any coinsurance penalty incurred under the local admitted policy. * A currency devaluation clause covers the deficiency in the amount of loss payable under the local admitted policy solely as the result of official government devaluation of the currency in which the admitted policy is written. Difference in conditions/limits (DIC/DIL) coverage wraps around any local admitted policy when the coverage in the master policy is broader in terms of coverage or limits. P&C INTERNATIONAL INSURANCE EXPOSURES General Liability It s prudent to be aware of just what liability risks are in each country s civil litigation environment If the company operates in several different countries this will present layers of exposures, with each country having its own civil litigation environment Depending on what countries a firm operates in, their system of civil litigation may be undeveloped when compared to the US Additionally, if the firm is a contractor for the US federal government, it is potentially subject to the contract and tort law environments of the U.S.

10 P&C INTERNATIONAL INSURANCE EXPOSURES General Liability Coverages include: o Bodily Injury and Property Damage o Personal Injury and Advertising Injury o Medical Payments Supplemental Payments: o Similar to their US counterpart Defense: o Excludes any suit brought in an non-admitted jurisdiction o Most will defend both the insured and an indemnitee if the obligation to defend was assumed in an insured contract Exclusions: o Exclusions include those usually found under a US CGL contract o Additional exclusions are included OR added by endorsement. For example: Asbestos, Nuclear, Discrimination, Employment Related Practices, Acts of Terrorists, amendment of the liquor liability exclusion Who is an Insured: o Similar to the US Counterpart Limits: o Each occurrence o Aggregates o Damage to Premises Rented to You Additional Coverage Endorsements: Endorsements that may be considered in the U.S. marketplace should be addressed in global insurance programs

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