International Insurance - Part 3. Auto, Employee Benefits & Cargo Coverage

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1 International Insurance - Part 3 Auto, Employee Benefits & Cargo Coverage

2 INTERNATIONAL INSURANCE Auto, Employee Benefits & Cargo Insurance Part 3 Robin Federici, CPCU, AAI, ARM, AINS, AIS, CPIW PO BOX 781 NORTH KINGSTOWN, RI Phone: Fax: Robin s Cell Fred s Cell Web site: 1

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

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 3

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 4

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 5

7 P&C INTERNATIONAL INSURANCE EXPOSURES Insurable risks include: GLOBAL AUTO Worldwide liability Comprehensive, collision & theft Bodily injury & property damage Transit Hired and non-owned automobiles War and Terrorism Rental insurance reimbursement expense Admitted Coverage: When operating a vehicle in a foreign country, primary liability coverage is often required but must be purchased from an admitted insurer in that local country. Many Americans, though, don t feel the coverage is adequate, even if it complies with local laws and customs. Excess liability coverage is popular with businesses as well as individuals who purchase their own personal auto coverage. Excess insurance increases coverage limits and extends coverage worldwide. Coverage Format & Primary or Excess Protection: Format varies per carrier: Some forms use auto symbols Others cover all three autos exposures without the use of symbols Primary or Excess: Policies are excess over admitted policies required in each country or jurisdiction 6

8 COVERED AUTOS - SYMBOLS - If Used: Symbol Description Of Covered Auto Designation Symbols 1 Any "Auto" 2 Owned "Autos" Only Only those "autos" you own (and for Liability Coverage any "trailers" you don't own while attached to power units you own). This includes those "autos" you acquire ownership of after the policy begins. 3 Owned Private Passenger "Autos" Only Only the private passenger "autos" you own. This includes those private passenger "autos" you acquire ownership of after the policy begins. 4 Owned "Autos" Other Than Private Passenger "Autos" Only Only those "autos" you own that are not of the private passenger type (and for Liability Coverage any "trailers" you don't own while attached to power units you own). This includes those "autos" not of the private passenger type you acquire ownership of after the policy begins. 7 Specifically Described "Autos" Only those "autos" described in Item Three of the Declarations for which a premium charge is shown (and for Liability Coverage any "trailers" you don't own while attached to any power unit described in Item Three). 8 Hired "Autos" Only Only those "autos" you lease, hire, rent or borrow. This does not include any "auto" you lease, hire, rent or borrow from any of your "employees", partners (if you are a partnership), members (if you are a LLC) or members of their households 9 Non-owned "Autos" Only Only those "autos" you do not own, lease, hire, rent or borrow that are used in connection with your business. This includes "autos" owned by your "employees", partners (if you are a partnership), members (if you are a limited liability company) or members of their households but only while used in your business or your personal affairs. ** There would be no symbol 5, symbol 6 or symbol 19 Coverages excess over admitted coverage: Liability & Physical Damage Medical payments added by endorsement Review: Who is an insured provision Deductibles and Exclusions including war exclusions The definition of accident, insured contract, liability or tort liability 7

9 P&C INTERNATIONAL INSURANCE EXPOSURES Employee benefits Many group medical policies purchased by companies operating outside the U.S. blend traditional benefits with worldwide coverage. These plans often include emergency medical evacuation coverage These plans often include life insurance benefits These medical insurance plans include benefits that are familiar: Reimbursement of covered medical expenses Choice of deductibles In-patient and out-patient services Hospital confinement charges Annual physical exams Prescriptions Maternity care P&C INTERNATIONAL INSURANCE EXPOSURES Ocean Cargo Although this exposures may not be included in CMPs, this exposure must also be addressed. Whom to Insure: SELLER and/or BUYER Legal owner is not always obvious in ocean-going cargo. Q. At what point does title pass? A. The terms of sale determines when. Terms of Sale Six Method: Bills of Ladings Payments 8

10 P&C INTERNATIONAL INSURANCE EXPOSURES OCEAN CARGO BILLS OF LADING: INTERNATIONAL OCEAN FREIGHT BILL OF LADING International ocean freight bill of lading in the International shipping ocean freight industry also referred as a B/L or BOL. This shipping document used for shipping freight overseas by sea issued by an International ocean freight carrier acknowledging that specified goods have been received on board as cargo for conveyance to a named place, for delivery to the consignee The international ocean freight bill of lading serves the following purposes: 1. It is an evidence of a contract of carriage between ocean freight carrier and shipper; 2. It is a receipt for goods; 3. It is a document of title on shipped goods. TWO TYPES OF BILL OF LADING: There are number of different types of international ocean freight bill of ladings used in the ocean freight shipping industry for export and import goods from and to the USA. Bills of lading can be: o Non- Negotiable = the document itself does not give title to the goods. The consignee (recipient) named in the ocean freight bill of lading must identify himself to claim the goods. o Negotiable = are issued "to the order of" and is the title of the goods. These can be bought, sold or traded while goods are in transit. 9

11 P&C INTERNATIONAL INSURANCE EXPOSURES OCEAN CARGO BILLS OF LADING: NON-NEGOTIABLE BILLS OF LADING: The two most commonly used types of NON-NEGOTIABLE bill of ladings: Express release ocean freight bill of lading = Telex release = Surrender o International EXPRESS RELEASE ocean freight bill of lading means that the consignee (buyer) does not have to provide originals of ocean freight bill of lading in order to claim the goods at the destination. Shipment should be released at the destination upon surrender a copy of the international ocean freight bill of lading Release endorsed upon a set of originals ocean freight bill of lading o SET OF ORIGINAL REQUIRED in international ocean freight bill of lading means that goods cannot be released to the consignee unless the consignee had surrendered a set of originals ocean freight bill of lading. 10

12 P&C INTERNATIONAL INSURANCE EXPOSURES OCEAN CARGO TERMS OF SALE: There are 6 terms of sale, each progressively increase the seller s need for cargo insurance: 1. Ex point of origin For example: Ex Factory or Ex Warehouse Seller turns goods over to buyer (usually at the seller s own factory or warehouse) Buyer must purchase insurance on the entire trip, including while cargo is on the land 2. FOB specific point For example: FOB (free on board) SPECIFIC POINT ( FOB Vessel, Specific Port of Shipment Seller needs insurance until the cargo is loaded on a specific vessel at a specific point (may be a railroad car at an inland point) 3. FAS specific vessel or port For example: FAS (free alongside) ( FAS Specific Vessel or Port ): Seller is responsible until the goods are placed alongside the specified vessel or on the dock designated by the buyer Buyer is responsible after that point 4. C&F (a.k.a. CRF) specific destination C&F (cost & freight) ( C&F Specific Destination ): Seller is responsible for loss until the goods are in the custody of the ocean carrier or on-board the vessel Selling price includes the cost of the goods & the cost of transportation but NOT the cost of INSURANCE During transport the buyer assumes the risk of loss Buyer bears the cost of insurance 11

13 P&C INTERNATIONAL INSURANCE EXPOSURES OCEAN CARGO TERMS OF SALE (continued): 5. CIF specific destination CIF (cost, insurance & freight) ( CIF Specific Destination) Seller is responsible for loss or damage to the specified point Selling price includes the cost of the goods, transportation AND INSURANCE During transport the buyer assumes the risk of loss 6. Ex dock specific port of importation This is more common to US import than export practice. Selling price includes the cost of goods & all additional charges (incl. import duty) to put them on the dock at a specific point of importation. The seller is responsible for any loss or damage including war risk at the specific point of importation Ocean Cargo- Four Payment Methods: 1. Cash in Advance used when shipper is unfamiliar with buyer 2. Open Account made only to reliable buyers. This is similar to a charge account where the buyer settles with the seller at agreed intervals 3. Draft Payable either at presentation (sight draft) or at some future date (time draft i.e. 30, 60 or 90 days) from the date of presentation. 4. Letter of Credit - Letters of credit are used primarily in international trade for large transactions between a supplier in one country and a customer in another. It is a document that a financial institution issues to a seller of goods or services which guarantees the seller payment once the buyer receives the goods or services. The issuer then seeks reimbursement from the buyer or from the buyer's bank. The issuer pays the seller regardless of whether the buyer pays or ultimately fails to pay. In this way, the risk that the buyer will fail to pay is transferred from the seller to the letter of credit's issuer. 12

14 P&C INTERNATIONAL INSURANCE EXPOSURES Ocean Cargo (continued) CARGO COVERAGE OPTIONS: Voyage Policy = these ocean cargo policies are issued for specific trips. The policy provision will specify the time allowed for a single voyage or a series of trips that may be grouped together as one voyage. Open Cargo = designed for shippers/consignees who have large volume of overseas shipments. These policies cover cargo shipments fluctuating in number and value with varying amounts of insurance, requiring the insured periodically to report details of those shipments to the insurer. An initial deposit premium is required at inception, with premiums due calculated after the reports are received by the insurer. The open policy does not specify an expiration date. 13

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