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If you are selling a product or traveling for business outside the US, you need international insurance. Your domestic insurance policy will only provide insurance for claims brought within the US it’s territories and possessions and Canada. It will not provide coverage for claims brought outside of these regions.
International Insurance provides coverage for claims brought against you outside the US. It also provides workers compensation insurance for your employees who are traveling outside the US and provides auto liability coverage if you rent a car in another country. When renting a car in another country you should always consider buying the physical damage coverage from the rental carrier.
Other types of coverages included in an international insurance policy are Kidnap and Ransom, Extortion, Travel Accidental Death and Dismemberment and Executive Assistance. It can also provide coverage if you have operations in other countries for your General Liability and Property exposures. Some countries will require that you have an ‘underlying’ policy that is actually issued by a domestic insurance company in that country. The International Insurance policy you help you obtain and place any underlying policies and also make sure you are in compliance with that country’s insurance requirements.
If you are taking a car you own into Mexico, you will need to have Mexican Auto Insurance. It is best to buy Mexican Auto Insurance from an agent in Arizona, that way the US agent can assist you in filing a claim if necessary.
Please note: J. Michael Low is a former AZ Director of Insurance, and is the founding partner and an attorney with Low & Childers, PC of Phoenix, AZ. He is still practicing full time and has agreed to help Low & Johnson on certain coverage and claims issues relating to insurance. He is not issuing legal opinions or legal advice on behalf of Low & Childers. Mr. Low is a licensed property and casualty producer in the state of Arizona.
Any questions please give me a call or e-mail. Also, we keep the insurance tips newsletter an various topical insurance issued posted on the Low & Johnson web site www.lowjohnson.com.