Financial Interest Insurance: An Important Companion for Global Business
Elliott Foster, Managing Counsel, Travelers Insurance, USA
According to an African proverb, if you want to go fast, go alone. If you want to go far, go together. Anyone who has traveled the globe—or even a modest distance from home—knows the truth in that adage. For companies transacting business outside of their home country’s borders, the same maxim applies.
Whether your enterprise manufactures circuit boards, distributes commodities, sends workers across the globe or provides any array of professional services, you’re already keenly aware of the myriad laws, regulations, risks and rewards associated with multinational business. Some of those risks and rewards are static across borders, while others require navigating the unique systems, cultures and codes of the countries where your transactions and commerce take place. Obtaining insurance for that blend of global business risks and opportunities presents both worldwide and country-specific pitfalls as well.
This paper paints a brief picture of the global insurance landscape as it applies to multinational business, and it identifies the questions to ask when insuring your company’s affiliated worldwide interests with financial interest coverage—an innovative companion to global business and a potential tool for successfully moving your franchise both fast and far.
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