Dec 01
Protecting Those Offshore Assets
Anyone who has spent time and undergone the frustration of dealing with an assembly-line call center based in a foreign land should heed this recognition of permanence: there is now insurance available for corporate America’s outsourced assets.
Lexington Insurance Company has announced Outsourcing Protector, a new property insurance offering designed to help companies address the risks of domestic and overseas outsourcing. Outsourcing Protector, an inclusion option for Lexington’s multi-peril property policy, extends Lexington’s property coverage to business interruption losses and extra expenses incurred as the result of a fire or other covered causes of loss that occurs at the outsourcing vendors’ facilities.
Further, when an insured has purchased terrorism and/or cyber-related coverages in its property policy, this new component will indemnify such perils offshore as well. Customers may also expand coverage to include an insured’s business and personal property located at vendor locations, both foreign and domestic.
More after the jump…
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