International Exchange & Travel Overview

international exchange insurance resources

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International Carrier Overview

International policies tend to pool the risks they insure (share experience among clients). These policies are purchase with a broker, not a carrier. Often times these policies have higher maximums, lower deductibles, but carry more restrictions. Also, we found that some international policy language contain pregnancy restrictions which are in violation of Title IX. This presents a real concern for programs that receive any U.S. government funding. Lastly, working with international carriers pose some concerns for American organizations. Non-U.S. policies are not filed in the U.S. and do not have the same stability as US plans. This affects the ability to appeal disputed claims & reduces recourse in case of carrier failure.

U.S. Market Insurance Plans

US insurance carriers tend to look more closely at underwriting the risk (the insured organization) itself. Traditional U.S. products have maximums of $50,000 - $250,000, deductibles between $25-$100, with fewer policy restrictions. The policy is filed in the U.S. and are to U.S. insurance laws and jurisdiction, which tend to be more consumer friendly. Administering these plans tend to have better, or more advanced, services and reporting capabilities verse international carriers.

Rates

International carriers were generally lower, however they seem to be catching up with their U.S. counterparts.

Other Items

Be certain you are insured with the company being represented, not a subsidiary or a captive. If contract is with a broker, be aware & knowledgeable of actual insurance arrangement
International Association of Student Insurance Services - IASIS
Compass Benefits is the endorsed North American Broker for IASIS, the non-profit insurance & Educational Travel Confederation.