Insurers usually need more than a simple statement that an engineering firm has ‘overseas work’.
Useful information can include:
- countries involved
- client locations
- project locations
- engineering disciplines
- annual overseas revenue
- maximum project values
- largest individual contracts
- governing law and dispute jurisdiction
- whether USA or Canadian exposure is involved
- whether work is performed through an overseas office or subsidiary
- local professional registration
- any locally admitted insurance
- claims or circumstances connected with overseas work
The insurer may also request copies of major contracts or a breakdown of overseas activities by country.
Providing the information early helps the insurer assess whether the exposure fits within existing terms or whether an endorsement, additional premium or different structure is required.
Broad descriptions such as ‘international work’ or ‘Asia’ are usually less useful than a country-by-country breakdown.
