What it does
CG 24 22 replaces the "coverage territory" definition with anywhere in the world except countries or jurisdictions subject to U.S. trade or economic sanctions or embargo. If the insurer is prevented by law from defending or paying outside the U.S., Puerto Rico or Canada, the insured defends and pays and the insurer reimburses.
Who needs it
Companies sending employees overseas, exporting products, exhibiting at foreign trade shows or running projects abroad. The base form covers foreign injury only in limited cases and only if the suit is brought in the U.S., Puerto Rico or Canada.
Key provisions and limits
- Payments are made in U.S. currency at the prevailing exchange rate.
- Coverage disputes must be filed in courts of the U.S., Puerto Rico or Canada.
- The insured must maintain any locally compulsory insurance; the policy is excess over other insurance when liability is determined in a suit outside the U.S., Puerto Rico or Canada or when the other insurance is locally required.
Quoting and selling notes
- Many countries require admitted local liability insurance; a worldwide endorsement does not satisfy those laws.
- Alternatives: CG 24 23 (only listed countries) and CG 24 24 (worldwide except listed countries).
