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Member, Beacon International Group, Ltd.
Ironshore Inc.’s U.S. specialty casualty unit has launched a coverage solution for U.S.-based companies with overseas operational risk exposures.
The product, called Ironshore International Connect, provides excess casualty coverage for U.S.-based companies’ overseas operations on a locally admitted basis and is designed to be compliant with market rules and regulations, the Hamilton, Bermuda-based insurer said in a statement Wednesday.
Ironshore International Connect streamlines the process for U.S.-based companies that need to obtain required liability coverage for international risks in regulated markets across the globe, according to the statement.
The product’s coverage terms and conditions are the same as they are for Ironshore’s U.S. domestic excess liability program, the insurer said. Limits of up to $50 million are available.
“Compliance and regulatory guidelines in local markets worldwide can create a burden on U.S.-based companies to ensure that insurance coverage is compliant in addressing overseas operational risks,” Tim McAuliffe, president of Ironshore’s U.S. specialty casualty unit, said in the statement. “Ironshore has the ability to provide an effective solution that mirrors the existing U.S. excess casualty program to provide insureds with comprehensive, locally-admitted coverage with ease of administration.”