While pushing to open up new markets to access foreign customers, American insurers are working hard to provide their U.S.-based clients that have operations abroad with comprehensive coverage to ensure their foreign assets are protected.
Jon Farber, president of Travelers Global Underwriting, said obtaining coverage for foreign assets is critical for the simple reason that standard U.S. policies end at the border.
As an example, he noted that a U.S. product liability policy would only cover events within this country. "The suit would have to be filed in the U.S." for coverage to apply, he said, "and the event would have to occur in the U.S."
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