INTERNATIONAL INSURANCE FOR CONSTRUCTION
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1 Workshop W10 Wednesday, November 20 1:30 3:30 p.m. INTERNATIONAL INSURANCE FOR CONSTRUCTION Presented by Eric Viktorin Vice President Aon Risk Services Southwest, Inc. As the construction business becomes increasingly global in nature, contractors looking to expand their business beyond the U.S. borders must have an understanding of international risk considerations and the wide variation in insurance regulations. This presentation will provide an intermediate- to advanced-level overview of key issues to consider in arranging an international insurance program, including the use of admitted paper, cultural differences in risk philosophy, and other key elements of an international program structure. Workshop W10 To print on both sides of the page, set your printer for duplex printing. Copyright 2013 International Risk Management Institute, Inc. 1
2 Aon Risk Solutions Construction Services Group Equipment Alone Won t Get The Job Done Let the industry s most robust lineup of risk tools and technology solutions go to work for your organization For more information, please visit aon.com/construction or visit us at our booth during the Welcome Reception or Tuesday breaks Risk. Reinsurance. Human Resources.
3 Eric Viktorin Vice President Aon Risk Services Southwest, Inc. Mr. Viktorin joined Aon Risk Services Southwest, Inc., in 2004 and serves as Vice President Account Management. Mr. Viktorin has worked extensively with many Fortune 1,000 firms both domestically and overseas in the design, structure, and placement of global insurance, including nontraditional risk funding alternatives. At present, Mr. Viktorin is responsible for the management and worldwide coordination and implementation of risk management programs for large multinational clients. He has won multiple awards including a Power Broker award in the Global category in Mr. Viktorin is also responsible for the implementation of Aon s client satisfaction initiative Client Promise for Aon Risk Services Southwest, Inc. Mr. Viktorin holds a master of business administration degree from Texas A&M University s Mays School of Business. Specializing in international business, his M.B.A. curriculum included studies at both Texas A&M University and the University of Carlos III in Madrid, Spain. He also holds bachelor s degrees in both International Studies and Spanish from Texas A&M. Mr. Viktorin is fluent in Spanish and has extensive living and travel experience throughout Latin America and Europe. Workshop W10 3
4 Notes 4
5 International Insurance for Construction Presented by: Eric Viktorin Aon Risk Services Southwest, Inc. Agenda What is the big deal about international? Program structures Insurance markets International risk considerations Managing the program Emerging issues Workshop W10 2 5
6 What s the Big Deal about International? The Obvious 3 Globalization & International Trade 4 6
7 Time Zones 5 Workshop W10 6 7
8 Socialist versus Conservative Governments 7 What s the Big Deal about International? Obvious Economic EU, NAFTA Currency Fluctuations/Devaluations Language (example - Swiss Languages) Political Socialist, Conservative Exposure Earthquake, Cyclone, Flood Time Differences 8 8
9 What s the Big Deal about International? Not So Obvious 9 Regulatory Environment Workshop W
10 Taxation 11 Social Legislation 12 10
11 Workshop W10 Cultural Differences 14 11
12 Napoleonic Code Sharia Law 15 What s the Big Deal about International? Not So Obvious Legal Differences Civil Code, Religious, Socialist Insurance Regulatory Environment Cultural/Distance Issues Attitude to Risk and Safety Social Legislation and Custom Taxation 16 12
13 Risk Spectrum Who Needs an International Program? BUSINESS ACTIVITIES International Multinational Global LESS COMPLEX MORE COMPLEX Limited exposure to loss or liability outside of USA Assets or operations outside of USA but not inextricably tied International locations, material to balance sheet, operations interdependent Exports International Travel Foreign Suppliers Operations usually not heavily interdependent, foreign operations may be material to the balance sheet Recognizable name, target for lawsuits, finances transcend borders, larger geographic spread 17 Can t I Just Use My Domestic Program? Maybe but issues arise with: Coverage Compliance Taxation Cost Administration Workshop W
14 Key Concept Number OneCompulsory Insurance Compulsory Insurances Return to Top Compulsory Classes Third party liability for motor vehicles, aircraft, dog owners and gun-owners. Professional indemnity insurance for insurance intermediaries, lawyers, accountants, estate agents, authorised building experts, financial advisers and energy management experts. Liability for key management centres (companies which manage digital signatures) and business service providers (lawyers, auditors, brokers etc.) Medical malpractice (hospitals and medical trials). Liability for nuclear installations. Workers compensation. Owners of small oil tanks (for domestic heating) must buy insurance to cover the clean up of any contamination. From 1 April 2008 byggeskadeforsikring will become compulsory in Denmark; it will be mandatory for principals to arrange cover for construction faults. This insurance will apply to principals building private dwellings for rent or sale and will allow consumers to obtain compensation from insurers who will then subrogate against the contractor or professional adviser. There is a statutory obligation for mortgated property in Denmark to be insured for fire and related risks. Compulsory Insurance = Those lines of insurance that are required by law for companies operating in a particular territorytypically automobile third-party liability, work injury, and some forms of professional liability. Trend toward compulsory requirements for environmental and even D&O in certain countries
15 Key Concept Number Two Admitted Insurance Risk based in Country A Policy issued by insurer licensed or registered in Country A Risk based in Country A Policy issued by insurer NOT licensed or registered in Country A 20 Key Concept Number Three Tax Treatment of Nonadmitted Loss Proceeds Workshop W10 International Entity Capitalization or Other Tax Parent Entity Nonadmitted Loss Proceeds Income Tax 21 15
16 Program Structures 22 Program Options Nonadmitted Program Local Program Difference-in-Conditions (DIC) Controlled Master Program (CMP) 23 16
17 Nonadmitted Program International/Global in scope Single or multi-line Purchased at corporate level Often used for corporate lines such as umbrella, executive risk, E&O, or where international exposures are incidental (But, this is changing!) Pros Consistent coverage on W/W basis Allows for pooling of risk and exposure Lowest cost Absolute control over coverage terms Efficient Exchange rate issues removed Cons Possible violation of local regulations No vehicle for payment of premium tax No access to government pools No tax-deductibility of premium Local administration: documentation, claims Legal differences Loss proceeds may be subject to adverse tax treatment 24 Local Program Workshop W10 Local Programs are Preferable When: Decentralized corporate structure Minor values/exposures High retentions on corporate programs Country-specific issues Brazil Denmark Germany New Zealand Pros Satisfy regulatory requirements Tailored to local risks exposures Low deductible generally available Tax deductibility of premium Local administration Access to local gov t pools Local language Cons Inconsistency of coverage across borders Gaps in coverage No economies of scale No pooling of risk/exposures Financial solvency/capacity issues Legal Issues, i.e.: jurisdiction, arbitration, etc
18 Difference-in-Conditions/Limits (a.k.a. Gap) Purchased at corporate level Generally used to bring stand-alone local coverage up to corporate standards Pros Wraps around local policy coverage on an excess/difference-in-conditions basis to bring available insurance up to the desired level of coverage Cons Miscommunication of responsibilities between offices leading to duplication of coverage Potential for risk pooling or true account underwriting is lost Carrier might be unwilling to give full rate credit for coverages not coordinated through their local representative Loss settlement difficulties Premium allocations 26 Key Concept Number FourExcess/DIC Master Policy Policy Limit Excess D I C Local Admitted Policies 27 18
19 Controlled Master Program Consolidates purchasing of master policy with underlying, admitted policies where requested. When written on a global basis, addresses issues of global interdependency and global contingent business interruption. Typically augmented by other local purchases as required. Most common for property, general liability, but also workers compensation, employers liability, automobile, and other lines. MASTER POLICY Brazil Denmark Germany New Zealand U.K. 28 Workshop W10 19
20 Controlled Master Program Pros Efficient Economies of scale Satisfy regulatory requirements Consistency of coverage Access to government pools (Cat Nat, Consorcio, Pool Re, SASRIA Management control Flexibility in allocations Access to statistical data Smooth losses Cons Fronting charges may be costly Limited markets Central administration Capacity limitations 30 Compliance Spectrum Arbitrary/Squeaky Wheel Full Adherence Address countries that complain loudest Wish to provide global coverage, addressing all countries with operations Minimalist Methodology Investigate concept/cost, do nothing Address countries based upon selected criteria# of employees, size/nature of operation (i.e., non-sales offices), number of D&Os, etc. COST 31 20
21 Typical International Program Structure Worldwide Umbrella Misc. Worldwide Coverages (D&O, Crime, Etc.) Marine Cargo Property Master Policies Property/Liability/WC Employer s Liability General Liability Automobile Workers Compensation (for local hires) Misc. Local Coverages (B&M Inspection, Personal Accident, Homeowner, etc.) Excess/DIC Coverage Primary Coverage Coverage placed in the local market independent of the worldwide program. Coverage placed in the local market as underlying to the master policies. Master/Worldwide coverages. Note: International programs usually consist of several types of placements. The structure of the program may differ from country to country depending on the exposure, company structure, insurance requirements, compliance concerns, and insurer capabilities. 32 Workshop W10 21
22 International Markets 33 International Insurers Who Are They? ACE AIG Allianz AXA Chubb FM Global Generali HDI/Gerling Liberty Mutual Lloyd s RSA (& Network) St. Paul/Travelers XL Zurich Bermuda markets 34 22
23 International Risk Considerations 35 International Risk Considerations Third-Party Liability Objective: Provide protection against claim of negligence /liability arising from insured s operations and/or products Workshop W10 Particular International Features: Pure financial loss Extended products Decennial liability Business description 36 23
24 International Risk Considerations Third-Party Liability Issues/Considerations: Pollution, particularly sudden & accidental Access to in-country defense and counsel Coverage extensions appropriate for jurisdiction of operation (Germany extended products) Increasing claims activity outside of United States Dovetail with domestic program as regards territory and jurisdiction and sit below excess/umbrella Omnibus named insured Countries may have other compulsory liability requirements i.e., clinical trials, environmental impairment, passenger liability, etc. Claims-made vs. Occurrence policies 37 24
25 In Country Defense & Counsel 38 International Risk Considerations Personnel Objective: Provide protection against loss/costs associated with employee injury while satisfying requirements of local laws and regulations. Particular International Features: Employee categories: U.S. hires/citizens: State of hire benefits Third country nationals: country of hire or stated benefits Local hires: employer s liability only Social security/state schemes for work injury coverage Employers liability Excess repatriation expenses Defense Base Act (DBA) 39 Workshop W10 25
26 International Risk Considerations Personnel Issues/Considerations: Covered employees expands to include third country nationals, local nationals, and expatriate employees Coverage available from compulsory schemes may not meet all exposures, provide adequate benefit levels, or address employers liability Keeping the employee whole/covered while traveling in the course of employment Coverage is virtually 24-hour, includes endemic disease, excess repatriation, war exclusion deleted Ensuring compliance with local requirements while developing a program to address workers comp and/or employers liability globally 40 26
27 Social Schemes and Increasing International Claims 41 International Risk Considerations Automobile Workshop W10 Objective: Ensure catastrophic and incidental coverage for thirdparty liability arising from operation of covered vehicles in course of operations Particular International Features: Missions coverage Green cards Government plans 42 27
28 International Risk Considerations Automobile Considerations: Limits required in some countries unlimited while others very low Common exclusions for drunk driving, restricted licenses, roadworthy vehicle Most incidental and many catastrophic losses that make it back to United States arise from lack of proper local admitted coverage for employees visiting overseas. Various sources of coverage many only respond excess of other valid and collectible insurance Increasing trend toward full-service lease arrangements, including insurance Collision/Loss damage waivers for rental vehicles 43 28
29 Compulsory Limits Inadequate limits To USA for $$$ 44 International Risk Considerations Property Objective: Provide protection against loss/costs associated with damage to assets or resulting interruption of revenue stream Workshop W10 Particular International Features: Tenants & neighbors liability Catastrophe funds: CONSORCIO, CAT NAT, GAREAT, Pool Re Tax liability Currency devaluation Terrorism Excess 45 29
30 Valuation of Assets Local Compliance 46 International Risk Considerations Property Issues/Considerations: Loss of profits vs. Gross earnings Natural catastrophe Risks associated with variation in risk control practices Exposure to contingent and/or interdependent business interruption and territorial implications Proper valuation of assets and exposures Coverage should address unique exposures, i.e., Japan earthquake, Netherlands flood 47 30
31 Natural Disaster Regions 48 International Risk Considerations Management Liability (D&O/E&O, etc.) Objective: Provide protection against personal liability to foreign directors and officers. Workshop W10 Particular International Features: Nonindemnifiable Loss vs. Indemnifiable Loss Management structure Compulsory (Germany, Romania more to follow?) Tie-in of limits vs. Stand-alone 49 31
32 In Country Defense & Counsel 50 International Risk Considerations Environmental Liability Objective: Provide protection against claim of negligence /liability arising from insured s operations Particular International Features: Environmental liability directive (ELD) in Europe New regulations in Argentina, China, Turkey, and more 51 32
33 International Risk Considerations Health & Benefits Objective: Provide protection to employees in compliance with applicable law and supplement existing Social Security programs. Workshop W10 Particular International Features: Compulsory placements often include aspect of H&B, i.e., compulsory life insurance in Italy Level of privately insured benefits varies greatly by country depending on level of benefit available under local Social Security program Less of a bright line between property & casualty and health & benefits outside the United States 53 33
34 International Risk Considerations Other Issues Role of broker outside the United States Establishing roles and distinguished from carriers Fees vs. commission Cash before cover Taxes: Premium VAT/Goods & Services Fire brigade Catastrophe pools Tacit renewal Tariff rating Good local standard vs. Master policy wording 54 34
35 Managing the Program 55 GLOBAL COMMUNICATION FLOW Global Communication Flow Client Client Workshop W10 Broker Broker Ins. Carrier Ins. Carrier Home Country Local 56 35
36 Communications Social and Geographic Considerations Time zones Hierarchy Holidays Sense of urgency Acronyms/Terminology Reliance on Managing Expectations Clear and concise communications Timeline 57 36
37 Emerging Issues 58 Emerging Issues New Markets/Opportunities: Brazil, China, India, and more Outsourcing, off-shoring: program impact contracts, certificates, claims Alternative P&C program structures and captives Lines of insurance: D&O, umbrella, professional liability, environmental Tax: increasing audits Global insurance marketplace: new entries into the market create different access points Role of the network insurance broker: advice and counsel in addition to service and administration 59 Workshop W10 37
38 60 Thank You 61 38
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