RIMS PROFESSIONAL REPORT: Demystifying Foreign Voluntary Wokers Compensation

“Foreign Voluntary Workers Compensation, A Necessary Purchase”

March 10, 2020

NEW YORK (March 10, 2020) — While Foreign Voluntary Workers Compensation (FVWC) stand-alone policies still originate from the United States, it is important to note that this necessary coverage is not just for U.S. travelers, according to RIMS new professional report titled, “Demystifying Foreign Voluntary Workers Compensation.”

The report provides an overview and advantages of FVWC policies, as well as key considerations for risk professionals to more effectively manage FVWC rates, employee jurisdiction, cross-over coverage challenges and claims management.

Report Takeaways:

  • In addition to U.S. workers traveling abroad, FVWCs can cover expatriates on long-term assignments.
  • The policy can alleviate the arduous task of understand individual country jurisdictions and limitations.
  • The procurement process should include a review of Business Travel Accident and other related policies to identify duplication or gaps in coverage.
  • The organization is best served when human resources, legal and risk management all work together to protect their most important asset – the workforce.

The report is authored by Tina Cameron, global insurance manager at World Vision International. Insurance underwriters from Chubb, Zurich and AIG and brokers from Lockton and Marsh provided commentary and input. The content provided in the report is not intended as legal or other professional advice.

“Demystifying Foreign Voluntary Workers Compensation” is currently available exclusively to RIMS members. To download the report, visit RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge. For more information about the Society and to learn about other RIMS publications, educational opportunities, conferences and resources, visit www.RIMS.org.

For more information, contact:

Josh Salter, Director of Communications, (212) 655-6059 or JSalter@rims.org

About RIMS

As the preeminent organization dedicated to promoting the profession of risk management, RIMS, the risk management society®, is a global not-for-profit organization representing more than 3,500 industrial, service, nonprofit, charitable and government entities throughout the world. Founded in 1950, RIMS is committed to advancing risk management capabilities for organizational success, bringing networking, professional development and education opportunities to its membership of more than 10,000 risk management professionals who are located in more than 60 countries. For more information on RIMS, visit www.RIMS.org

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