Border Insurance


Atlantik Sha: Border Insurance

Inspired by globalisation and technology, cross-border business is booming as companies in all industries seek new markets for their goods and services. Along with dynamic rewards comes an increasing number of new risks such as cybersecurity, terrorism, supply chain risks, changing concepts of insured interests in tangible and intangible assets around the world and in cyberspace.

Atlantik Sha provides insights into the unique insurance protection challenges faced by companies doing business across borders, the key differences between cross-border and domestic insurance policies, and the various cross-border policies it manages. We have extensive experience dealing with the various insurance policies available to us.

What is cross-border life insurance?

Most people are already aware of what life insurance is — a policy individuals take out to ensure their loved ones will receive financial support in the event of their death. A cash payout could help cover funeral costs, mortgage payments, and dependents’ general living expenses.

Cross-border life insurance refers to policies where the insurance policy beneficiary lives in a different country. For example, a migrant worker in Italy who has named a family member back in their home country as their life insurance beneficiary. Therefore, a cross-border insurance payout is required so the recipient can access the cash payout they are entitled to.

What is the difference between cross-border life insurance and life assurance?

Cross-border life insurance and life assurance are terms that sound similar and are often used interchangeably, however, there is a difference.

Life insurance is typically termed, i.e. covers the policyholder for a specific time period (e.g. 5, 10 or 25 years) and only pays out if they die within this period. Life assurance, on the other hand, covers the policyholder for the entire duration of their life — that’s why it’s also known as ‘whole life’ cover. This means a payout is always guaranteed, unlike a term life insurance policy where this is only the case if the policyholder dies during the specified term. For this reason, life assurance tends to be the more expensive option.

What does our border insurance offer?

Our global practice focuses on providing strategic advice to corporate policyholders on how they can best position themselves to maximize insurance coverage for cross-border activities.

In short, we help multinational companies obtain insurance coverage for:

  • First-party losses, such as property damage, damage to marine cargo, and business interruption;
  • Attorney's fees incurred in responding to government investigations, third-party claims, and cyber incidents;
  • Third-party liabilities, such as settlements and judgments in claims brought against corporations and their directors and officers by government regulators, customers, Consumers, investors, shareholders, supply chain business partners, contracting parties, employees and other third parties;
  • Transactional risks, such representations and warranties, political risk, credit risk, and tax liability;
  • Cybersecurity and data breach exposures and liabilities.

In addition, our insurance group helps clients with policy wording and form review, provides insurance policy audits, and insurance due diligence services.

Why choose Atlanik Sha?

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