Page 9 - Expat Living Summer 2018
P. 9
INSURANCE
EXPATS’ SPECIAL
INSURANCE REQUIREMENTS
Everybody needs to arrange insurance cover that reflects
their unique individual circumstances.
L iving as an expat involves issues that are specific to that While kidnap and ransom insurance gives coverage against
lifestyle, such as the need for an interpreter if you are the financial risks of being abducted, it is also important
in an accident or taken ill, or the potential for leaving have access to security experts to advise on how to reduce
your home empty for long periods. It is important to arrange the risks as well as to specialist response teams able put the
insurance policies that have international coverage and to necessary resources in place to respond immediately in the
keep your insurance company informed if you move to a new event of an incident.
country, as it may impact the rate, and the level and type of
cover may need adjusting. In effect, this could mean changing Property insurance
or updating your policy every time you move. It is also
possible to take out a portable policy that can move with you, Expats face risk on properties that are their second home
wherever you are in the world. abroad as well, as the home they have left behind temporarily
- either left empty or rented out while they are abroad.
Health insurance is a requirement for expats in many
countries, especially where there is no reliable state provision When you retain your property, there are greater risks if
or there are restrictions on access to healthcare. There are the home is left empty. You can arrange for someone to
many other types of insurance that expats need to consider. look after the property while you are away, but if it is empty
there will be greater risks of burglary, vandalism or arson.
International life insurance Domestic policies will often only cover limited periods if
the property is left unoccupied. Specialist expat property
Most insurance policies are aimed at residents of the insurers are generally the best option to cover the risks if the
countries where the policy is issued, and the risk associated property is to be left empty for the long term.
with living in different countries makes it impossible for life
insurance policies to cover all countries internationally by If you are renting out your property while you are away,
default. Some policies will cover you only if you move to standard domestic home insurance does not cover the
one of a certain small number of countries, eg British expats risks and Overseas Landlord Insurance should be obtained.
moving to a country in the European Union or to the US. Landlord policies should protect you against accidental
damage, tenants defaulting on their payments, and legal
If you are taking up a role abroad in a hazardous occupation costs associated with contract disputes or repossessing the
or in a country where there are travel warnings in place, or property. Even with specialist landlord insurance you should
where there is conflict or which has been declared a war check for unoccupancy clauses which can require regular
zone, then you are likely to need to approach a specialist checks of the property as well as other requirements to
insurer. Many policies specifically exclude deaths as a result protect the property. It can be worth considering using a
of war or political unrest and so even if you could persuade specialist broker as they will be aware of the issues faced by
your present insurer to extend coverage, it may not be non-resident landlords as well as being able to assist with
comprehensive enough for your situation. claims.
Although it can be convenient to extend your present cover Your property abroad can be insured locally or, if you move
to take account of your new situation the premiums they offer frequently, you can consider an international property
you or the coverage provided may not be the best you could insurance policy, which will ensure your personal belongings
get and there are likely to be benefits to shopping around. are covered whether in transit, in your foreign residence or
while travelling.
There may also be restrictions to the period for which a
domestic policy will cover you against such specialised In addition to these major insurance policies
risks while you are abroad, and if you are likely to be an you should always check that your travel
expat for prolonged period it will be advisable to find a firm insurance is not restricted based on
which specialises in expat coverage or a company offering the time you spend abroad. You
worldwide insurance policies. should also check the terms of any
income protection,
Kidnap insurance permanent
disability or
Accurate figures for the number of people kidnapped other insurance,
each year are difficult to find as many are never reported. especially if you
Although there are many known hotspots, kidnaps can occur are operating in
anywhere in the world. If you are a senior executive of a high-risk areas.
high-profile company the risks may be higher, but it can
impact anyone working in a high-risk area. It can impact
frequent travellers as well as expats.
EXPATLIVING 09
