International Insurance

Castlemead Insurance in Bristol recently won a client who had chosen to relocate their business to a country outside the UK. The insurances we placed had to be robust enough to cope with: -

Local Legislation in the country of domicile

• Most countries have their own regulations which dictate the types of insurance which are compulsory to purchase in that region
• Minimum limits must be purchased locally, but top up insurance can be bought in the UK to match the other group companies cover

Different perils available

• Buying insurance locally in the country of domicile can leave gaps compared to wider cover available in the UK market. Care needs to be taken when combining the two portfolios

Cover requirements for the individuals based abroad

• Special arrangements need to be made to cater for the Travel and Healthcare insurance requirements for those wishing to come back to the UK for treatment and/or for extended stays
• Insurance cover for employees residential property in the UK may need to be amended to cope with periods of unoccupancy

Different contractual requirements

• Establishing which division trades with each customer and the contractual terms in force is essential
• The Territorial Limits and Jurisdiction provisions within the policies purchased must reflect the potential liabilities

  Imports / Exports

• Marine cover needs to include all countries between which goods travel at the required limits

We were able to ensure all the above points were included within the insurance arrangements placed within our new clients’ insurance budget.