International Liability Insurance More Important Than Personal Effects Coverage

In a recent survey of expatriates we find that for those that looking into international property insurance and international liability insurance, it's protecting their property that made them investigate insurance solutions.  Most expatriates seem to ignore the global liability protection?

At International Property Insurance Group we feel that international liability is far more important than protecting international personal effects, although of course we feel both are important.  What's more, international liability insurance is very inexpensive.

No one wants to have a $40,000 uninsured loss to property because of fire or smoke damage, or because there was a fire in the neighboring apartment but this loss does not have the potential to ruin your life.  A $1,000,000 lawsuit where you carry no international liability insurance on you and your family can bring financial ruin.  

Again, do not expect your employer can step in and pay a personal claim, no matter how important your expat assignment is.  Even if you flee the country to avoid the suit, and there may be no way the "judgement" can find you back in your home country, this could cost you your job and your career.  Employers expect employees to properly protect themselves and their families for overseas property insurance and global liability.

Taking Valuable Articles Into Your International Assignment

When people leave their home country to live internationally, or take an expatriate assignment for a few years, the last thing they think about is insuring their personal effects with the proper international property insurance policy, and protecting their valuable articles in the new location. The most common valuable people need to protect is a diamond wedding ring.

When people arrive in their host country, and when they get around to looking for insurance for their property and valuables, they may find all of the following:

• There is no recognizable insurance market in the host country. What are my options?
• Insurance companies will not work with "foreigners" in the local country.
• An insurance market exists, but the level of coverage and the reputation of the insurer is impossible to determine. What am I buying and what will happen at the time of claim?

The good news is there are insurance companies and brokerages that specifically work with people that are living away from their home country. International Property Insurance Group works with expatriates in 80 countries and all of them need sound international personal effects insurance with a strong global liability policy.

Just like in the home country, valuable articles need to be scheduled and named in the insurance policy, insured up to their true value. However, once secured, the insurance should work worldwide. For example, a theft of a diamond ring in the host country, home country, or even while traveling to a third country would be fully covered if the item was properly scheduled with the insurance company before-hand.