ACE USA has expanded its International Advantage product to offer enhanced coverages for the risks faced by professional services employees doing business overseas. Three foreign package offerings designed for accountants & lawyers, business consultants, and architects & engineers are designed to provide coverage for companies operating globally in the professional services arena.
According to “The Business of Architecture Report,” a survey conducted by the American Institute of Architects (AIA), international work – defined as billings from outside the United States, for either international or U.S. clients, and as inside the U.S. for international clients – has almost tripled over the last decade.1
ACE believes that this increase is the result of more contract work performed overseas, which can impact U.S.-based companies. This is because their employees traveling outside of the U.S. face risks not typically covered by their domestic company’s insurance program.
Those risks include, but are not limited to:
- Lawsuits brought against the company inside or outside of the U.S., related to employee activities while traveling
- Injuries to employees occurring overseas while on the job, or while traveling on behalf of the company
- Medical-related incidents, including arrangements for prescription replacements, medical expenses related to the sudden onset of sickness, and emergency medical evacuation/repatriation services
The ACE USA International Advantage policy package offers a number of coverages needed by firms operating overseas, including general liability, contingent auto, voluntary workers compensation, kidnap & extortion, international AD&D (including medical), and executive assistance services.
ACE’s newly-enhanced coverages focus on adding property coverage grants, (including coverage for architectural models and blueprints, law libraries, and other research materials, taken overseas), as well as any other specialized equipment used abroad by professional services firms. The new policy forms also add certain endorsements on a standard basis, including: blanket additional insured; waiver of subrogation when required by contract; and a care, custody, and control extension to general liability.
“The globalization of industry and commerce has resulted in more companies planting flags on foreign shores, and the number of professional services employees traveling to these locations on temporary work assignments or for more long-term employment has increased,” said Tim Benson, senior vice president, ACE Multinational Client Group. “In the architectural profession, for example, firms reported seven percent of total billings originating from international work, compared with just 2.8 percent ten years ago, and six percent in 2005.” 2
ACE’s international casualty product suite offers insurance for U.S.-based companies and organizations that have operations or employees who travel outside the U.S. Coverage offerings range from package policies to multinational programs with risk transfer options.
Insurance is provided by insurance companies within the ACE Group. All products may not be available in all jurisdictions.
1 The Business of Architecture: An AIA Survey Report on Firm Characteristics. American Institute of Architects, 2009.
2 Foreign Travel Risk and Response, Frank D’Ancona and James Walloga, the ACE Group. 2010. http://www.acegroup.com/us-en/news-room/progress-reports.aspx.