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Insurance in the USA for European Companies

Global companies should have global insurance. Therefore, European companies with U.S. subsidiaries are best served by a globally coordinated insurance program. Foa & Son works with a client’s Europe-based insurance broker to design and implement a customized global insurance program. The program is then approved and managed through Europe with seamless implementation in the United States.

Local Services, European Expertise

Foa & Son’s service team based in the United States has been working with European clients for more than 50 years. Our team currently services more than 400 reverse-flow (Europe-based) accounts on behalf of our clients, including a large percentage of Europe’s most recognized luxury brands, manufacturers, and exporters.

Clients trust Foa & Son because we go beyond placing insurance. We act as a business advocate for our clients, working to protect the U.S. subsidiary and the European parent company.

Foa & Son partners with the U.S. subsidiaries of European companies and their global insurance brokers utilizing these tools:

  • Program Deficiency Review
  • Custom-Crafted Insurance Specifications
  • Superior Placement of Global Insurance
  • Global Claims Experience
  • Proactive Communication

Foa & Son partners with the U.S. subsidiaries of European companies and their global insurance brokers utilizing these tools:

For each client’s current U.S. insurance program, we create a deficiency review. We then work with the client’s European insurance broker to remedy any deficiencies through a mixture of global and local insurance programs. Common problems include:

  • A European parent company is not covered by the U.S. liability insurance. (Under U.S. and EU law, uncovered claims can be collected directly in Europe from the European parent company.)
  • S. insurance programs allow the insurer to sue the European parent company for supplying faulty products to its U.S. subsidiary.
  • Companies send non-U.S. employees to the United States to perform duties without the correct mandatory workers’ compensation coverage. (These workers are then prohibited from entering client facilities.)

Foa & Son creates detailed insurance recommendations for a client’s European global broker, with which we partner to procure the right coverage and premium levels for its U.S. subsidiary. We craft specifications to:

  • Comply with applicable local insurance laws
  • Cover region-specific hazards (such as earthquake, flood, wildfire, and terrorism)
  • Meet a client’s local insurance requirements
  • Proactively request coverage that meets U.S. local standards but is often excluded from Europe-based global insurance programs

Foa & Son differentiates itself through its relationships with all global insurers and their specialized “reverse-flow” underwriters, who work exclusively on the U.S. exposures of global insurance programs originated in Europe.

Major global insurers, such as AIG, Chubb, Allianz, and Zurich, have specialized reverse-flow underwriting departments. Most U.S. brokers have relationships with these insurance companies only to write insurance for companies based in the United States. Foa & Son extends these relationships directly into their specialized reverse-flow departments.

Many important European insurers, such as Generali, HDI Gerling, Axa Insurance, Royal Sun Alliance, and ERGO, have a very small footprint in the challenging U.S. insurance market and very limited relationships with U.S. insurance brokers. Foa & Son consistently conducts business with all of these insurers, which allows us to create the most beneficial outcomes for our clients.

The Foa & Son claims team is always ready to respond and utilize its experience collecting claims from global insurance placements, including:

  • Communicating with local and international managers regarding large or unusual claims
  • Maximizing claims payments to our clients, using both applicable local insurance and Europe-based master insurance policies
  • Maintaining records and sharing information with all parties as claims are processed and settled

Whether it is a large claim or a change to local coverage requirements, our service team is trained to inform the local U.S. management and the European global broker of important issues. This proactive approach keeps clients and global brokers from being surprised by insurance issues in the United States.