ACC Global Airport Business Development Toolkit
Local Insurance Issues
Owner insurance requirements and insurance industry responses to those requirements are fairly predictable for airport-related projects in one’s own country. As firms branch out and work on projects outside of their home country, owner requirements can become more challenging and responding to those requirements can be more involved.
Multinational insurance programs can take many forms, but they generally include some combination of domestic policies with international coverage territory and local “admitted” policies purchased in the country where the work is being done. Policies with international territory may be adequate for initial trip travel or preliminary work in a new country, but local admitted policies may be required in some jurisdictions or may be preferable for ease of claims settlements, tax reasons, etc. Requirements and local conventions vary based on location and type of coverage.
Obtaining coverage that is compliant with owner requirements, adequately protects the consultant and complies with local jurisdictional mandates requires a focused approach and expert risk management advice. Selecting an insurance agent or broker that has experience and relationships in the country where the project is located and expertise in creating multinational insurance is a critical first step in developing a response to risk management on global projects.
There are many industry sources that firms can turn to for guidance on risk management both domestically and internationally. Some of those are listed below:
- ACORD Insurance Data Standards
- A.M. Best Company
- American Institute of Architects
- American Insurance Association
- American Risk and Insurance Association
- Associated General Contractors (AGC) of America
- AXCO Insurance Information Services
- Council of Insurance Agents & Brokers
- Independent Insurance Agents & Brokers of America
- Insurance Services Office
- International Risk Management Institute
- National Association of Insurance Commissioners
- Risk Management Society