PRODUCT: Global Companion^SM Plus+

COMPANIES: Travelers

BEST RATING: A++

AVAILABILITY: Appointed agents and brokers

FOCUS: Travelers has been writing global policies for more than 30 years. Last year, the carrier introduced Global Companion^SM Plus+, which includes several enhancements that offer customers more than what is traditionally included in global policies.

“Global Companion^SM Plus+ helps U.S. companies with small to large international exposures, such as employee travel, export sales or physical operations in multiple countries," says Darren Caspers, global managing director, Travelers. “This product helps customers ensure that their international insurance protection is consistent with U.S. standards."

COVERAGE DETAILS: With access to more than 150 countries, the product combines property and liability products to create a solution for companies with small to large international exposures.

One unique feature is financial interest coverage under the Global Companion^SM Plus+ Commercial General Liability (CGL) product, which “comes in the form of a separate $1-million limit for U.S.-based companies, providing an extra layer of protection when an eligible foreign subsidiary suffers a covered loss," Caspers says. “In some cases, reimbursing a foreign subsidiary can also trigger a tax burden, and this new CGL product includes coverage for tax liability on financial interest payments."

In addition to the financial interest coverage, Global Companion^SM Plus+ includes a global panel counsel service to help businesses find in-country representation when they need legal assistance abroad.

“This is an excellent resource for organizations that may have challenges identifying legal resources who are fluent in the local language and regulations," Caspers adds. “Another highlight of the new product is its foreign voluntary workers compensation benefit, which was previously a contingent coverage and is now provided on a primary basis. If employees are injured abroad, this helps offset the costs of medical emergencies."

Property, auto, employment practices, business travel accidental death and dismemberment, foreign voluntary workers compensation, kidnap and ransom, and crisis management solutions, each catered to every foreign exposure, are also included in the package. In the event of a claim, Travelers utilizes its strategic alliances within the International Network of Insurance (INI) to provide local claim-handling services worldwide.

UNDERWRITING: Each policy is underwritten on a case-by-case basis. Agents must provide details about employee travel, foreign sales and foreign property schedules to quote.

MINIMUM PREMIUM: $2,500

TARGET: Ideal for middle-market businesses with employees who travel internationally, sell products outside the U.S. or have physical operations in other countries. Global solutions to meet a variety of needs, from small commercial to large, multinational companies, are also available.

COVERAGE AVAILABILITY: Available to most U.S.-based businesses.

COVERAGE TERRITORY: Coverage is worldwide.

CONTACT: Darren Caspers, global managing director, Travelers, 385 Washington Street, St. Paul, MN 55102; 860-277-1415.

Will Jones is IA editor-in-chief.