The St. Paul Companies announced the introduction of an enhanced version of “Global Companion,” which it described as “an international commercial property and general liability product designed to help protect U.S.-based companies from the risks associated with conducting business overseas.”
The company’s bulletin noted that “U.S.-based companies with international operations face a variety of exposures including the potential for kidnapping of company executives and piracy of ocean cargo. The St. Paul has offered kidnap and ransom coverage for the past 20 years through a unit of Lloyd’s of London and it has been providing coverage for commercial vessels and cargo since 1853. The enhanced Global Companion product provides coverage for kidnap and ransom and incidental ocean cargo. The product also covers property, liability, excess auto, foreign voluntary workers’ compensation and executive assistance.”
St. Paul International VP Rick Smith noted: The Global Companion product will minimize coverage gaps by creating one comprehensive portfolio of products to cover the property and casualty needs of policyholders in the United States and abroad. We’ve added coverage for events or offenses that are committed in the U.S. when the claim or lawsuit is filed in a foreign jurisdiction. Some international general liability policies only provide coverage for events that happen outside of a policyholder’s domestic liability policy coverage territory.”
In addition, domestic companies with foreign operations that conduct business over the Internet can access coverage protection for e-commerce risks through products offered by The St. Paul’s Global Technology Underwriting business unit.
“We recognize that more and more U.S. companies are operating around the globe and still more are reaching customers outside the U.S. through a company Web site,” commented Michael Klein, president, Global Technology Underwriting, The St. Paul Companies. “The Global Companion product provides coverage for international e-commerce risks that is consistent with the domestic general liability coverage.”
Besides covering the commercial property and liability needs of companies based in the U.S. with foreign operations under one policy, The St. Paul can provide local policy issuance, technical assistance, claim handling, risk control and reinsurance services in over 80 countries worldwide through its network of partner companies.
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