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.
- 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.