Overseas on Work Assignment, Don't Assume Employer is Covering Your International Personal Effects

Another major mistake that expatriates make when relocating internationally to work is assuming their employer has all of the following issues covered and they need to do nothing. In fact, the bigger (and more all-powerful) the employer, the more these individuals assume they don't need to take personal responsibility for the following:

• International Personal Property Insurance (to protect clothes, furniture, electronics, rings)
• International Liability Insurance (to protect personal net worth from lawsuit)
• International Renters Insurance (which is a global property and liability package policy)

Here are the facts. 95% of employers have no insurance policies that will cover the personal losses of an expatriate on foreign assignment. Whether this be a claim for a fire loss, theft, or a damage award from a local magistrate for $50,000, there is no coverage via commercial policies. There are legal and tax reasons why an employer cannot step in to bail out an expatriate's losses.

Surveys from International Property Insurance Group indicate this as the # 1 reason expatriates don't proactively look for these lines of insurance on their own.