Protecting Your Assets
Insurance for the Diplomatic Community
Martin KolesAquilan Worldwide Risk Management LLC131 Alta Ave., Yonkers, NY 10705718-830-5311; [email protected]
ScopeWhy you need insurance
What types of insurance are available
How much insurance is required important to have for special circumstances
Strategies for getting the best coverage and price
CAVEATEMPTOR(let the buyer beware)
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Insurance PolicyDeclarations
Who is insured and for how much
Insuring AgreementWe promise to pay
ConditionsYour obligations
ExclusionsWhat is not covered
For Information
Only
Who is Insured
Insurance Company
How Much Insurance
Types of Insurance
How Are You Protected
Description of Operations
Your Name and Address
Policy Period
Certificates of Insurance
Designated PremisesContractual Limitation
Medical PaymentsWater Damage
Mold & MildewAsbestos
Wind or HailFlood
Common Exclusions
Insurance Industry Performance
Why You Need InsuranceREQUIRED BY LAW
Autos - Workers Compensation
REQUIRED BY CONTRACTPremises Lease - Leased Equipment
PROTECT GOVERNMENTAL ASSETSBuildings – Homes – Contents – Art - Extra Expense
PROTECT PERSONAL ASSETSYour Possessions
LEGAL PROTECTIONDefense and Indemnification
Commercial Personal Life / Health
Property Homeowners Personal Health
Casualty Auto Group Health
Auto Personal Articles Employee Benefits
Workers Compensation Special Needs
Special Events
FireWindstorm
Water DamageTheft
Explosion
Smoke
Sprinkler Leakage Snow & Ice
Property Insurance
Special Form Loss to covered property from all causes except those that are specifically excluded.
Replacement CostThe cost to replace the damaged property with materials of like kind and quality with out any deduction for depreciation
CoinsuranceA penalty assessed upon a loss if the amount of insurance purchased is not at least equal to s specified percentage of the total replacement value
Agreed ValueSuspends the coinsurance clause. You and the insurance company agree the amount is insurance is sufficient settlement.
Extra Expense Coverage for the additional cost incurred to continue operations while the property is being repaired
Equipment BreakdownCoverage for loss to mechanical or electrical breakdown of equipment including resulting extra expense. Generally added by endorsement or a separate policy.
www.irmi.com/online/insurance-glossary
Property Terms
All Risk WorldwideValuable Articles
Immunity?Persons enjoying immunity from the
jurisdiction of the host country’s laws are nonetheless obligated to respect those laws.
While you may have full criminal immunity and may not be arrested, you
can be sued.
Does not extend to your landlord.
If you lease premises, your landlord will require liability protection as a condition of
occupancy.
If you lease equipment, the lessor will require loss protection.
Don’t sign any lease until it is reviewed by your attorney and insurance representative.
Tenant shall obtain and keep in full force and effect a policy of comprehensive general public liability and property damage insurance on an occurrence basis with a broad form contractual liability endorsement. Such policy shall provide that Tenant is named as the insured. Landlord, Landlord’s managing agent and any Lessors and any Mortgagees shall be added as additional insureds. Such policy shall include a provision under which the insurer agrees to indemnify and hold Landlord, Landlord’s managing agent, and such Lessors and Mortgagees harmless from and against all cost, expense and/or liability arising out of or based upon any and all claims, accidents, injuries and damages. In addition, the policy will not be cancelled by the Tenant unless replaced on the same date, without any lapse in coverage, with an insurance policy offering protection to the Landlord and the named insureds in accordance with the provisions of this Lease. In addition, upon receipt by Tenant of any notice of cancellation or any other notice from the insurance carrier which may adversely affect the coverage of the insureds under such policy of insurance, Tenant shall immediately deliver to Landlord a copy of such notice. The minimum limits of liability under the policy of insurance required to be carried shall be a combined single limit with respect to each occurrence in an amount of not less than $5,000,000 for injury (or death) to persons and damage to property, which amount shall be increased from time to time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by prudent landlords of first-class non-institutional office buildings. All insurance required to be carried by Tenant pursuant to the terms of this Lease shall be primary and be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State and rated in Best’s Insurance Guide, or any successor thereto as having a general policyholder rating of “A” and a financial rating of at least “VIII”.
Liability Insurance
to protect the landlordagainst all claims and damages
amount $5 Million
on a primary basis
with a reputable insurance company
Sample Simple Lease
Overly restrictive language
Excessive Limits of Insurance
Impossible Conditions
Outdated Terminology
Illegal Practices
Commercial Lease Pitfalls
The 1978 Diplomatic Relations Act and the Foreign Missions Act require that all motor
vehicles owned and operated in a US jurisdiction by a member of the foreign
diplomatic community carry liability insurance coverage at all times.
Liability $300,000 combined single limit or Split limits of $100,000 personal injury per
accident and $100,000 property damage per accident
XYZ
Applies to business autos and individual owned autos.
Auto Insurance
COVERAGE LIMITBodily Injury and Property Damage $300,000 Per AccidentMedical Payment $1,000 Each PersonPersonal Injury Protection (no fault) $50,000 Per PersonAdditional No Fault $25,000 Per PersonUninsured Motorist Protection $100,000 Per AccidentUnderinsured Motorist Protection $100,000 Per AccidentCollision Actual Cash Value After $1,000 deductibleOther Than Collision Actual Cash Value After $1,000 deductibleTowing & Labor $50 Per DisablementRental Reimbursement $40 Per Day
The Auto Policy
Workers CompensationForeign Governments are not required to provide workers’ compensation coverage* for the individuals working in America for those foreign governments as long as they are performing strictly governmental work for the foreign government and are not engaged in any commercial activity for that foreign government.
Example: A US citizen working for the Consulate performing strictly governmental work and not engaged in any commercial activity would not be required to be covered by a workers’ compensation policy.Please note that any individuals from a foreign government that are working on a commercial venture in must be covered by a workers’ compensation insurance policy.
* In New York State
Conference
Election Venues
Builder’s Risk
Art Shows
Special Circumstance Insurance
Personal Insurance
Strategies for SuccessInsurance companies have no loyalty to you
Agents vs Brokers
Evaluate your needs and design the policy you need
Bring on the competition
It’s not just the cost- negotiate coverage
• Caveat Emptor• Read Your Policy• Required for Autos, Leases, Certain
Workers• Recommended for Offices, Homes,
Possessions• Provides Legal Defense• Engage Competition
Insurance for the Diplomatic Community
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