The Evolving Risks of Foreign Travel

As global economic integration marches forward, new and emerging markets and consumers riding a waive of modern technology, has introduced foreign markets and suppliers, and thus a foreign travel element to many business owners and staff that simply didn't exist for them a decade ago, or not in the same capacity.

While high profile corporate executives have always operated on a trans-national basis, today's global entrepreneur includes smaller business owners driven by vision and innovation, sometimes restricted by local resources, supply chains and consumer bases.

Managing the risk exposures associated with foreign travel is a fluid process, with real world political and social events having a profound impact on the threats and opportunities available.

Five years ago, Americans were being kidnapped and/or killed in Iraq, Afghanistan and Saudi Arabia.  Today it's Mexico. Drug cartels, criminal gangs, pirates and terrorist organizations have all taken advantage of opportunities to further their means, at the expense of foreign travelers.

On both an individual and corporate level, when traveling in a foreign country there are a number of risk mitigation strategies that should be considered and practices.  One of those strategies is the transfer of risk to various insurance coverages.

Among the most prevelant choices, includes Kidnap & Ransom coverage.  Each policy should be reviewed to determine what is and what isn't covered, but typical K & R policy forms include coverage for kidnapping, extortion, wrongful detention,  and hijacking.

You'll also need to review your other policies, specifically the liability coverages, accident and health, and workers compensation, to determine if there are coverage gaps, endorsements needed, or shortcomings in the policy forms.