Global Insurance Education Hub

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Travelers logo
TEXT: Welcome to a world of knowledge

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Hello, Bonjour and Konnichiwa
TEXT: Hello, Bonjour and Konnichiwa

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Anthony Giannone is speaking

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Thanks for watching.
TEXT: Anthony Giannone, Vice President of Travelers Multinational Practice

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I'm Anthony Giannone, Vice President of Travelers Multinational Practice.
TEXT: Get to know global insurance

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We here at Travelers Global Accounts have created the World of Knowledge video series to help remove some of the mystery and, not to mention, anxiety around placing global insurance.

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Anthony Giannone is speaking next to an animated globe

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After all, each global account has its own set of challenges and twists. TEXT: Traveling employees.

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Passports appear next to Anthony.

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Exposures might be as simple as traveling employees,

Bicycle appears on laptop screen,

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selling online, TEXT: Online sales

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Bike factory next to Anthony Giannone

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or even as complex as
TEXT: Overseas assets and more

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large assets in other countries. It can be daunting to figure it all out.
I know firsthand, there's a lot at stake when you're working across international borders.
TEXT: Information + understanding x insight

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With this series of videos, it's our goal to give you the information, understanding, and insight to have TEXT: = Peace of mind.

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the confidence and peace of mind to effectively work with even the most complex global clients. TEXT: Global Accounts is here to support you.

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So relax, Travelers is here to help. And please don't hesitate to use this email to let TEXT: Globalink@travelers.com

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us know what you think. We'll only get better as a result.

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Cut to a spinning globe TEXT: Global Accounts

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Welcome to a world of knowledge.

Travelers logo

TEXT: Learn more about the ins and outs of global insurance. Watch more videos in this series. travelers.com/for agents/ global

The Travelers Indemnity Company and its property casualty affiliates. One Tower Square, Hartford, CT 06183
This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this material can depend on underwriting qualifications and state regulations.

© 2021 The Travelers Indemnity Company. Travelers and the Travelers Umbrella are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries.

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TEXT: A World of Knowledge

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TEXT: Identifying Global Risks

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Travelers employee, Mike Haeflich, speaking to the camera next to chalk drawings of a police officer, car, medical helicopter, website, justice scales
TEXT: Mike Haeflich Managing Account Executive, Global Accounts

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Global exposures come in all shapes and sizes, and they're not always easy to recognize. TEXT: Can you recognize your client’s global risks?

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Of course, if your customer owns property in another country, exposures are much easier to identify.

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But many global losses happen with companies based exclusively in the U.S. without owning foreign properties. [DESCRIPTION]
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Unfortunately, many business owners themselves don't realize they have exposures or how at risk they might be.
TEXT: To identify risks, ask three questions

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Here's how to identify risks.
It's as easy as asking three questions.

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Chalk drawing of passports TEXT: 1. Employee travel

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Ask if employees travel outside the U.S. –
even just across the border to Mexico can create risks.

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Chalk drawing of laptop computer TEXT: 2. Exports and online sales

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Are they exporting anything?
And this includes sales over the internet, which often get overlooked.

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Chalk drawing of the United States with a bicycle icon TEXT: 3. Where are products going?

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Do they always know where their products end up?

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With today's complex supply chains, even parts sold within the U.S. often end up overseas. It's a legitimate exposure that's easily overlooked.

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Cut back to chalk drawings of a police officer, car, medical helicopter, website, justice scales

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Global exposures put your client's business at risk. So take the time to ask the right questions.

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Identifying risks now can prevent a world of problems later.
TEXT: Global Accounts

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Travelers logo
TEXT: Learn more about the ins and outs of global insurance. Watch more videos in this series. travelers.com/foragents/global
The Travelers Indemnity Company and its property casualty affiliates. One Tower Square, Hartford, CT 06183 This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this material can depend on underwriting qualifications and state regulations.

© 2021 The Travelers Indemnity Company. Travelers and the Travelers Umbrella are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries.

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TEXT: A World of Knowledge

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TEXT: Non-admitted & Admitted Policies

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Travelers employee, Rachel Bader, speaking to the camera TEXT: Rachel Bader AVP, Multinational

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TEXT: Non-admitted is different when it’s global

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To many insurance professionals, non-admitted insurance means excess and surplus lines or coverage provided by a non-standard carrier. But when it comes to global insurance, non-admitted means the carrier is not licensed in the country where it's or is providing coverage.

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Outline of the United States with a bicycle icon TEXT: An excellent option for incidental exposures

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And non-admitted coverage is actually the most common coverage provided for U.S. businesses with incidental
foreign exposures, such as traveling employees or export sales.

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TEXT: • Cost-effective
• Provide consistent worldwide coverage
• Issued in one currency

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These policies are cost-effective, provide consistent worldwide coverage and are issued in one currency.

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Spinning globe against black background TEXT: Non-admitted may not be enough

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However, many countries don't allow non-admitted coverage, especially for compulsory coverage

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such as auto liability or employers liability.
TEXT: + Admitted policies

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In these cases, an admitted policy is usually the right choice. TEXT: Admitted policies required

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It’s provided by a carrier licensed in the foreign country where the policy is being issued. TEXT: Local
• Laws
• Procedures
• Language
• Currency

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Local laws, procedures, language and currency are used, so the local risk manager understands the coverage scope. TEXT: Japan is different than Germany is different than Jamaica, etc.

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Outline of Japan, Germany and Jamaica

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That said, inconsistencies between countries for what coverage is standard can be a challenge.

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That's why the Controlled Master Program is a combination of the two.

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A master non-admitted policy that sits over the top of locally admitted policies is often the best solution for companies with operations abroad.
TEXT: Advise your global clients with confidence

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Now that you have a better understanding of what the differences are between non-admitted and admitted global policies, hopefully you'll feel confident when advising your global clients.

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Spinning globe with red mug and chalk next to it TEXT: Global Accounts

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If you still have questions, you can work with your international underwriters for more guidance.

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Travelers logo
TEXT: Learn more about the ins and outs of global insurance. Watch more videos in this series. travelers.com/foragents/ global
The Travelers Indemnity Company and its property casualty affiliates. One Tower Square, Hartford, CT 06183
This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this material can depend on underwriting qualifications and state regulations.

© 2022 The Travelers Indemnity Company. Travelers and the Travelers Umbrella are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries.

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TEXT: A World of Knowledge

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TEXT: Controlled Master Program

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Travelers employee, Darren Caspers, speaking to camera next to a chalk drawing of a bike shop TEXT: Darren Caspers AVP, Global Accounts

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If your clients have operations abroad,

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or own property in another country

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and prefer foreign claims be handled and paid locally,
TEXT: Controlled Master Program

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then you should introduce them to a Controlled Master Program.

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A Controlled Master Program, or CMP, is a global insurance program that combines

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a U.S.-issued master policy with locally admitted coverages from other countries. The U.S. master policy serves as an extra layer of protection above the foreign local policies if there's a difference in conditions or limits.

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Cut back to Darren Caspers next to outline of Spain

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So instead of risk managers having to be knowledgeable about all
TEXT: General Liability • Customer Injury • Product Liability • Property • Employee Injury

[SPEECH] differences in local coverages,

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Outline of U.S. with pencil icon TEXT: Master policy = peace of mind

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the master policy gives them peace of mind that, coupled with local policies, that global exposures are addressed in a single, coordinated insurance program.

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TEXT: Perfect for clients with global exposures

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A CMP is also designed to meet specific needs based on the countries involved, coverage requirements and scope of the foreign operation.

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TEXT: The benefits of a Controlled Master Program

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A Controlled Master Program minimizes coverage gaps by providing

TEXT: DIC DIL

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coverage on a difference-in-conditions and difference-in-limits basis.

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Cut back to Darren Caspers speaking to camera

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Plus, it offers convenience and potential savings by delivering all policies
TEXT: Minimizes coverage gaps • Convenient process • Potential savings • Streamlined claims

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through one carrier, allowing for more efficient claim handling at a country level and

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a worldwide insurance program to be controlled from the U.S.

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Globe with red mug and chalk next to it TEXT: Global Accounts

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Talk to your clients about a Controlled Master Program.

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Travelers logo
TEXT: Learn more about the ins and outs of global insurance. Watch more videos in this series. travelers.com/foragents/ global
The Travelers Indemnity Company and its property casualty affiliates. One Tower Square, Hartford, CT 06183
This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this material can depend on underwriting qualifications and state regulations.

© 2021 The Travelers Indemnity Company. Travelers and the Travelers Umbrella are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries.

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TEXT: Welcome to a world of knowledge

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TEXT: Global Insurance Coverage Basics

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Travelers employee, Shriya Modi, speaking to the camera

TEXT: Shriya Modi Underwriter, Global Accounts

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Travelers logo

TEXT: What a Travelers Global Companion^SM Plus+ policy covers

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Global insurance policies have many additional and unique coverages which benefit companies that may have global exposures.

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TEXT: Global Companion^SM Plus+ covers certain domestic policy gaps

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Even for an insured who is mostly domestic.

A global policy covers certain gaps in the domestic policy.

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For example, an insured’s employee might attend a trade show in a foreign country 

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or one of its components or final products might end up abroad.

This video, will describe what's in a Global Companion Plus Policy and how these benefits protect

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our workers, assets, and reputations.

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TEXT: Commercial General Liability (CGL):

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Let's start with Commercial General Liability or CGL.

TEXT: $1M financial interest limit

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In additions to typical liability limits.

Travelers global coverage includes a separate $1 million financial interests limit

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TEXT: Tax liability coverage

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plus coverage for tax liability.

TEXT: See our other Travelers videos to learn more

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TEXT: Property

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Travelers global property coverage covers property that a company may have in a foreign country, such as buildings and equipment.

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TEXT: Auto

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Next, a Travelers global auto policy

TEXT: Hired transportation

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covers hired transportation, as well as both owned

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TEXT: Owned and non-owned vehicles

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and non-owned vehicles.

TEXT: Foreign Voluntary Workers Compensation (FVWC)

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Another coverage is Travelers foreign voluntary workers compensation.

This complements and fills certain gaps under US workers compensation coverage, including the cost of relocating or repatriating an injured employee,

TEXT: Business Travel Accidental Death & Dismemberment (AD&D)

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Icons of an injured employee and a family 

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and the Travelers global business travel, accidental death and dismemberment coverage provides a benefit for certain injuries or death to an employee or their survivors.

TEXT: Kidnap and Ransom

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Kidnap and ransom of employees. Unfortunately, this threat is very real in some foreign locales,

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a Travelers kidnap and ransom coverage, includes coverage for the cost of response and negotiation services 

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to handle the situation.

TEXT: The insured gets: Executive Support

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In addition to these coverages, global companion plus also comes with access to
a number of services, specifically, our global executive support services agreement

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provides access to medical, personal and travel assistance.

TEXT: The insured gets: Global Panel Counsel

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And our global executive support services agreement, now offers access to global panel counsel,

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which provides referral services for legal advice.

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TEXT: Global Accounts

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Watch the videos on each specific coverage and learn even more about Travelers global policy.

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Travelers logo

TEXT: Learn more about the ins and outs of global insurance. Watch more videos in this series. 
travelers.com/foragents/ global

The Travelers Indemnity Company and its property casualty affiliates. One Tower Square, Hartford, CT 06183 

This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this material can depend on underwriting qualifications and state regulations. 

© 2022 The Travelers Indemnity Company. Travelers and the Travelers Umbrella are registered trademarks of
The Travelers Indemnity Company in the U.S. and other countries.

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Travelers logo

TEXT: A World of Knowledge

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TEXT: Foreign Voluntary Workers Compensation

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Travelers employee, Darren Caspers, speaking to the camera 

TEXT: Darren Caspers AVP, Global Accounts

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Travelers logo

TEXT: What is Foreign Voluntary Workers Compensation (FVWC)?

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One question that the global team gets all the time is, what is Foreign Voluntary Workers Compensation?

TEXT: FVWC covers

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In short, it isn't just coverage for US hires.

TEXT: U.S. hires

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It also includes ex-pats

TEXT: Expatriates

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local nationals,

TEXT: Local nationals

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and third country nationals

TEXT: Third country nationals

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TEXT: Temporary overseas workers

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while traveling outside the country in which they permanently reside. The form also includes employer's liability coverage for all types of employees.

TEXT: The 4 differences between FVWC and domestic workers comp

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The next question, how is Foreign Voluntary Workers Compensation different from US workers compensation? It's different because it applies on a 

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24/7 basis and covers transportation, endemic disease, and reverse trip travel.

TEXT: Difference #1 FVWC includes :

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TEXT: 24/7 coverage

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Typically, a domestic workers comp policy doesn't cover injuries or illnesses that occur outside of business hours. But a foreign voluntary workers compensation policy fills that gap, delivering 24/7 coverage while employees are traveling abroad.

TEXT: Difference #2 FVWC includes :

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TEXT: Transportation costs

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Transportation, including repatriation, refers to expenses incurred by the insured in transporting

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an injured, ill or deceased employee out of the country where the injury, disease, sickness, or death occurred.

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At Travelers, this even includes voluntary evacuation or repatriation of employees due to

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natural disaster or political unrest.

TEXT: Difference #3 FVWC includes :

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TEXT: Endemic disease specific to a region

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We all know what a pandemic disease means. But endemic disease is a disease that is

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specific to an area or region such as malaria.

Often this is not covered by domestic workers comp, but it is covered by the Foreign Voluntary Workers Compensation policy.

TEXT: Difference #4 FVWC includes :

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TEXT: Reverse trip travel for foreign employees’ travel to the U.S.

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The fourth difference is reverse trip travel. If an insured has 

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foreign employees who travel to the United States, often the workers comp coverage provided in their home country will not apply to injury or illness sustained in the US.

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A Foreign Voluntary Workers Compensation policy helps fill this gap, providing coverage for injury or disease sustained by employees while on temporary
business travel in the U.S. 

TEXT: Difference witha plus. FVWC includes :

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TEXT: Global Executive Support Services

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And Travelers coverage offers even more. That's because it is complemented by global executive support services 

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that provide access to medical, personal, and travel assistance services.

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TEXT: Global Accounts

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When it comes to international travel, your clients US workers compensation policy may have gaps. Talk to them about Foreign Voluntary Workers Compensation coverage.

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Travelers logo

TEXT: Learn more about the ins and outs of global insurance. Watch more videos in this series. 
travelers.com/foragents/ global
The Travelers Indemnity Company and its property casualty affiliates. One Tower Square, Hartford, CT 06183 
This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this material can depend on underwriting qualifications and state regulations. 

© 2022 The Travelers Indemnity Company. Travelers and the Travelers Umbrella are registered trademarks of
The Travelers Indemnity Company in the U.S. and other countries.  

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Travelers logo

TEXT: A World of Knowledge

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TEXT: Business Travel Accidental Death & Dismemberment Coverage

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Travelers employee, Lily Li, speaking to the camera 

TEXT: Lily Li Underwriter, Global Accounts

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Travelers logo

TEXT: What you need to know about this coverage

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International travel is an essential part of doing business in today's global economy.

Business travel, Accidental Death, and Dismemberment, or AD&D coverage

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provides financial security and peace of mind

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for employees whose work requires them to travel abroad on business trips of 90 or fewer consecutive days.

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It provides benefits for

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injury or death up to the specified policy limits sustained by employees or volunteer workers

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TEXT: Benefits for employees traveling outside the United States and Canada

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who are traveling on business anywhere in the world outside the United States and Canada.

TEXT: Here’s what AD&D covers:

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It covers a variety of situations and injuries. 

TEXT: Loss of life

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In addition to death, AD&D coverage may apply if your insured’s employee loses their sight, hearing, 

TEXT: Total and permanent loss of sight and hearing

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or any limbs,

TEXT: Loss of Limbs. Loss of thumb and index finger

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as well as to medical expenses resulting from the accident,

TEXT: And other medical expenses

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including first aid, and emergency, or hospital services.

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TEXT: Here’s what AD&D covers

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Travelers even offers voluntary evacuation or repatriation of employees due to a natural disaster, endemic disease, or political unrest.

TEXT: AD&D is in addition to Foreign Voluntary Workers Compensation

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AD&D coverage is provided in addition to benefits received under

Foreign Voluntary Workers Compensation coverage.

TEXT: Family members and guests may also be covered

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Carriers can often extend AD&D coverage to include family members and guests of the traveling employees.

TEXT: Things not covered include bodily injury from:

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So what is not covered by an AD&D policy? Common things that will not be covered by an AD&D policy include bodily injury from

TEXT: Commuting

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Commuting

TEXT: Drugs

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Drugs

TEXT: Alcohol

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alcohol, 

TEXT: Hazardous activities

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and hazardous activities like skydiving, rock-climbing, scuba diving, and riding a motorcycle.

TEXT: AD&D protections and Global Companion^SM Plus+

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Travelers logo

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When you combine AD&D protection with Travelers’ full array of international coverages

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through Global Companion Plus, you're providing your clients and their employees with valuable protection as they travel outside the United States and Canada. And that gives everyone greater peace of mind.

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Talk to your clients about business travel, Accidental Death and Dismemberment Coverage.

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Spinning globe with chalk and red mug next to it

TEXT: Global Accounts

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Travelers logo

TEXT: Learn more about the ins and outs of global insurance. Watch more videos in this series. 

travelers.com/foragents/ global

The Travelers Indemnity Company and its property casualty affiliates. One Tower Square, Hartford, CT 06183 
This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this material can depend on underwriting qualifications and state regulations. 

© 2022 The Travelers Indemnity Company. Travelers and the Travelers Umbrella are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries.

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Travelers Logo
TEXT: A World of Knowledge.
Global Insurance Financial Interest Coverage.

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Shriya speaks against a white background to the left of the text.
TEXT: What is Financial Interest Coverage?
Shriya Modi, Underwriter, Global Accounts.
Bullet points, First-party cover, Reimburses U S parent company, Covers foreign subsidiary losses

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SHRIYA MODI: Financial interest coverage can be a difficult topic to understand. The goal of this video is to give you more clarity about this topic. Financial interest coverage is a first-party cover that enables insurance companies to reimburse the US parent for a loss sustained by a foreign subsidiary.

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Over a map of Spain, the back falls off of an animated delivery truck with a bicycle logo on the side. An X appears over a paper and pen icon next to an animated shop.

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This often applies when the subsidiary or affiliate sustains a loss in a country that prohibits non-admitted insurance and where there is no local policy in place.

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A coin with a dollar sign falls into a building. Then a coin with a euro sign rises from the building. The euro coin flies over the ocean from the United States to the Spanish shop.

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With financial interest coverage, the payments will be sent to the US-based policyholder which then can choose whether to reimburse the foreign subsidiary or affiliate.

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TEXT: Not all financial interest coverage is the same

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While many insurance carriers offer this benefit, financial interest coverage isn't the same with all carriers.

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TEXT: Three important things to know. 1, 2, 3

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The details in the fine print can affect what is covered. Here are three important things to know about financial interest coverage.

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When the speaker references subsidiaries, small buildings appear on a globe where a large building over the United States is labeled, U.S. Headquarters. Then, when referencing the entities Travelers covers, a building appears over Madrid, then another over Tokyo.
TEXT: 1, Travelers covers any entity.

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Some carriers only cover subsidiaries, but Travelers covers any entity in which the US parent company insured has a defined insurable interest. Some carriers are silent on defense costs, leading to ambiguity and potentially large expenses for the insured.

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TEXT: 2, Travelers covers defense costs

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Travelers specifically does cover defense costs incurred by the subsidiary or affiliate for a covered loss.

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A needle wavers on a dial, then moves all the way to the right side of the dial when Shriya references the $1 million limit.
TEXT: 3, Travelers provides a separate $1 million limit

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Most policies do not have a dedicated limit. This can erode the general liability limit. Travelers provides a separate $1 million limit.

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An image of a globe. A policy document over the United States spreads out and connects to documents in other parts of the world.
TEXT: Factoring in the Controlled Master Program

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Financial interest coverage applies to policies with a worldwide coverage territory. And remember, financial interest can still be triggered even with a controlled master program that includes local policies,

(DESCRIPTION)
Two sides of a bridge sit raised. Then, both sides lower, creating a traversable bridge.
TEXT: Difference in conditions, difference in limits 

(SPEECH)
for instance, in a cash-before-cover country where the loss occurs before the premium is paid or if it's not covered under the local policy and picked up on a difference in conditions or difference in limits bases on the global policy.

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A globe spins. It reads, Global Accounts, under the Travelers white umbrella logo.

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To learn more, read the Travelers white paper on financial interest coverage.

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Travelers logo
TEXT: Learn more about the ins and outs of global insurance.
Watch more videos in this series.
travelers.com/foragents/global
The Travelers Indemnity Company and its property casualty affiliates. One Tower Square, Hartford, CT 06183 This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this material can depend on underwriting qualifications and state regulations. Copyright 2023 The Travelers Indemnity Company. Travelers and the Travelers Umbrella are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries.

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Text, Travelers. A red umbrella. 

A world of knowledge. 

The tax implications of financial interest payments. 

Rachel Bader, AVP, Multinational. A model of Earth spins.

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When your business operates globally, sending claim payments overseas can result in additional tax implications. 

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A U.S. dollar travels from an office in the United States to a shop in Madrid, changing to a euro in route.

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These can be complex and confusing. 

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Question marks appear. Rachel Bader stands in front of a white background.

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That's why it's so important to make sure your insureds understand this topic. 

This video is designed to help you discuss financial interest payment tax implications. 

Of course, the policyholders tax advisor should always be consulted for guidance.

(DESCRIPTION)

An animated truck with a bicycle logo breaks down within Spain’s borders. 

Three euro icons appear. 

Here's how financial interest works. A covered loss sustained outside of the US is paid to the US parent company. 

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The focus shifts to an office in the United States. 

A U.S. dollar icon moves from the Travelers red umbrella to the office building.

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Once the financial interest loss is paid, the US parent company can either keep the insurance proceeds in the U.S.

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A thumbs up rises from the office building.

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to offset the parent's balance sheet loss, or reimburse the foreign subsidiary that suffered the loss. 

(DESCRIPTION)

The thumbs up flips to become a euro that travels to a shopfront in Spain.

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Either way, there are tax implications.

(DESCRIPTION)

A hand tapping on a calculator. Rachel Bader stands in front of a white background.

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For starters, if retained in the US, the tax authority might deem the parent company's balance sheet reduction, which arises from the subsidiary's original loss, to be an unrealized loss. 

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Text, Retention in the U.S. may generate a tax liability. Text inside U.S. border outline, $$$ YOU OWE.

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This may generate an income tax liability for the parent company.

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Text, moving proceeds overseas may create foreign tax liability. Text inside Spain border outline, € € € YOU OWE.

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However, if sent to the foreign country, the foreign subsidiary may incur additional unexpected income or other taxes, as well as foreign exchange losses. 

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Text, There may also be taxes and exchange losses. Taxes and Exchange Losses bars rise and then merge.

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This could result in the subsidiary being made less than 100% whole. 

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The merged bar lowers beneath a line and the bottom portion emerges red.

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Many policies are silent on this important item, but not Travelers Global Companion Plus.

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Globe appears. Dotted lines connect from red policy icon from the United States to white policy icons in South America, Europe, and Africa.

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It contains an express tax benefit provision to mitigate taxation issues.

Having this liability coverage can provide the parent company with significant freedom and flexibility to make decisions in consultation with their professional tax advisors on how best to utilize financial interest claim payments. 

Watch other videos in this series to learn even more about Travelers' Global Policies.

[CALM MUSIC]

(DESCRIPTION)

A globe spins around revealing a white umbrella and the text, Global Accounts. 

Text, Travelers. 

A red umbrella. Learn more about the ins and outs of global insurance. 

Watch more videos in this series. 

Travelers dot com slash for agents slash global. 

The Travelers Indemnity Company and its property casualty affiliates. One Tower Square, Hartford, C T 06183. This content is for general informational purposes only and does not constitute legal, financial, business or tax advice and should not be relied upon as such. This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this material can depend on underwriting qualifications and state regulations. Copyright 2022 The Travelers Indemnity Company. Travelers and the Travelers Umbrella are registered trademarks of The Travelers Indemnity Company in the US. and other countries.

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Travelers logo

TEXT: A world of knowledge

TEXT: Identifying the need for locally admitted D&O coverage

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TEXT: Nicole Scanlon, Underwriting Manager, Multinational Accounts Practice

[DESCRIPTION]

Nicole Scanlon is speaking

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Directors and officers have many responsibilities.

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Icons of a director and office speaking to audience

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That can place their personal assets at risk.

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Map of the US with a building in it

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For starters, they must navigate regulatory requirements,

[DESCRIPTION]

Icon of an ink stamp and checkmark

[SPEECH]

not just domestically, but

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Map of Spain with a building in it

[SPEECH]

also in foreign countries where the company operates.

TEXT: Directors and officers may be liable in foreign countries

[DESCRIPTION]

Spinning globe

[SPEECH]

A foreign claim can leave directors and officers

[DESCRIPTION]

Icons of a director and office speaking to audience next to spinning globe

[SPEECH]

even more exposed to personal losses.

[DESCRIPTION]

Icons of a director and office speaking to an audience next to a house and stack of money

[SPEECH]

While a traditional directors and officers policy provides coverage on a worldwide basis,

[DESCRIPTION]

Spinning globe

[SPEECH]

sometimes it can fall short.

[DESCRIPTION]

Icons of a director and office speaking to an audience

TEXT: Is it time for a locally issued Directors and Officers (D&O) policy?

[SPEECH]

Here are some questions to determine if a locally issued

[DESCRIPTION]

Icons of a director and office speaking to an audience next to a pencil and paper

[SPEECH]

directors and officers policy is necessary.

[DESCRIPTION]

Icon of a passport

TEXT: 1. Does the company do business overseas?

[SPEECH]

First, does the company conduct business outside its country of domicile?

[DESCRIPTION]

Icon of a globe

TEXT: 2. Does the company have foreign subsidiaries?

[SPEECH]

Second, does the organization have any foreign subsidiaries?

[DESCRIPTION]

Icon of North America and Europe

TEXT: 3. Are directors and officers located overseas?

[SPEECH]

Third, are there any directors and officers located in a foreign jurisdiction?

[DESCRIPTION]

Icon of a hand with a dollar sign

TEXT: 4. Is indemnification allowed for directors and officers?

[SPEECH]

And if so, do the laws of that jurisdiction allow the company to provide indemnification to a director or officer.

[DESCRIPTION]

Spinning globe with icon of pencil and paper

TEXT: 5. Is non-admitted insurance prohibited?

[SPEECH]

Lastly, and this is a big one. Do any of the foreign countries in which the company's

directors and officers are located, prohibit non-admitted insurance?

If yes, is the answer to any of these questions,

[DESCRIPTION]

Stars appear on locations on the globe

[SPEECH]

then an organization should consider a global insurance program that

provides admitted coverage via a locally issued policy.

TEXT: Helps ensure that local laws and regulations are followed

[SPEECH]

A locally issued policy can help ensure that local laws and

[DESCRIPTION]

Icon of a policeman

[SPEECH]

regulations are followed and that policy wording is

[DESCRIPTION]

Icon of a checklist

[SPEECH]

tailored to meet jurisdictional needs.

TEXT: Helps avoid Side-A gap in coverage

[SPEECH]

Moreover, a locally issued policy

[DESCRIPTION]

Puzzle pieces create a bridge with one piece missing

[SPEECH]

can help avoid this side A gap in coverage in

[DESCRIPTION]

Puzzle pieces create a bridge with missing piece in place

[SPEECH]

jurisdictions where the local subsidiary is prohibited from indemnifying directors and officers.

TEXT: Prevents adverse tax implications

[DESCRIPTION]

Outline of Spain with Euro symbol inside

[SPEECH]

Plus adverse tax implications can be mitigated because claim payments can be made locally,

within a country.

TEXT: Travelers has D&O policies in 100+ countries

[DESCRIPTION]

Spinning globe with Travelers logos inside

[SPEECH]

Travelers can place locally admitted D&O policies and over 100 countries.

We provide flexible, compliant policies that address the potential limitations of

relying on our traditional worldwide D&O policy alone.

TEXT: Global accounts

[DESCRIPTION]

Globe with Travelers logos next to a steaming coffee mug and chalk

Text, Travelers.

A red umbrella. Learn more about the ins and outs of global insurance. Watch more videos in this series. 
Travelers dot com slash for agents slash global.

The Travelers Indemnity Company and its property casualty affiliates. One Tower Square, Hartford, CT 06183. This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this material can depend on underwriting qualifications and state regulations. Copyright 2023 The Travelers Indemnity Company. Travelers and the Travelers Umbrella are registered trademarks of The Travelers Indemnity Company in the US. and other countries.