Protecting Your Assets Insurance for the Diplomatic Community Martin Koles Aquilan Worldwide Risk Management LLC 131 Alta Ave., Yonkers, NY ; Martin Koles Aquilan Worldwide Risk Management LLC 131 Alta Ave., Yonkers, NY ;

Scope Why you need insurance What types of insurance are available How much insurance is required important to have for special circumstances Strategies for getting the best coverage and price

CAVEAT EMPTOR (let the buyer beware)

Insert Eagle Logo Insurance Policy Declarations Who is insured and for how much Insuring Agreement We promise to pay Conditions Your obligations Exclusions What is not covered

For Information Only Who is Insured Insurance Company How Much Insurance Types of Insurance How Are You Protected Description of Operations Your Name and Address Policy Period Certificates of Insurance

Designated Premises Contractual Limitation Medical Payments Water Damage Mold & Mildew Asbestos Wind or Hail Flood Common Exclusions

Insurance Industry Performance

Why You Need Insurance REQUIRED BY LAW Autos - Workers Compensation REQUIRED BY LAW Autos - Workers Compensation REQUIRED BY CONTRACT Premises Lease - Leased Equipment REQUIRED BY CONTRACT Premises Lease - Leased Equipment PROTECT GOVERNMENTAL ASSETS Buildings – Homes – Contents – Art - Extra Expense PROTECT GOVERNMENTAL ASSETS Buildings – Homes – Contents – Art - Extra Expense PROTECT PERSONAL ASSETS Your Possessions PROTECT PERSONAL ASSETS Your Possessions LEGAL PROTECTION Defense and Indemnification LEGAL PROTECTION Defense and Indemnification

CommercialPersonalLife / Health PropertyHomeownersPersonal Health CasualtyAutoGroup Health AutoPersonal ArticlesEmployee Benefits Workers Compensation Special Needs Special Events

Fire Windstorm Water Damage Theft Explosion Smoke Sprinkler Leakage Snow & Ice Property Insurance

Special Form Loss to covered property from all causes except those that are specifically excluded. Replacement Cost The cost to replace the damaged property with materials of like kind and quality with out any deduction for depreciation Coinsurance A penalty assessed upon a loss if the amount of insurance purchased is not at least equal to s specified percentage of the total replacement value Agreed Value Suspends the coinsurance clause. You and the insurance company agree the amount is insurance is sufficient settlement. Extra Expense Coverage for the additional cost incurred to continue operations while the property is being repaired Equipment Breakdown Coverage for loss to mechanical or electrical breakdown of equipment including resulting extra expense. Generally added by endorsement or a separate policy. Property Terms

All Risk Worldwide Valuable Articles

Liability Insurance

Immunity? Persons enjoying immunity from the jurisdiction of the host country’s laws are nonetheless obligated to respect those laws. While you may have full criminal immunity and may not be arrested, you can be sued. Does not extend to your landlord.

If you lease premises, your landlord will require liability protection as a condition of occupancy. If you lease equipment, the lessor will require loss protection. Don’t sign any lease until it is reviewed by your attorney and insurance representative.

Tenant shall obtain and keep in full force and effect a policy of comprehensive general public liability and property damage insurance on an occurrence basis with a broad form contractual liability endorsement. Such policy shall provide that Tenant is named as the insured. Landlord, Landlord’s managing agent and any Lessors and any Mortgagees shall be added as additional insureds. Such policy shall include a provision under which the insurer agrees to indemnify and hold Landlord, Landlord’s managing agent, and such Lessors and Mortgagees harmless from and against all cost, expense and/or liability arising out of or based upon any and all claims, accidents, injuries and damages. In addition, the policy will not be cancelled by the Tenant unless replaced on the same date, without any lapse in coverage, with an insurance policy offering protection to the Landlord and the named insureds in accordance with the provisions of this Lease. In addition, upon receipt by Tenant of any notice of cancellation or any other notice from the insurance carrier which may adversely affect the coverage of the insureds under such policy of insurance, Tenant shall immediately deliver to Landlord a copy of such notice. The minimum limits of liability under the policy of insurance required to be carried shall be a combined single limit with respect to each occurrence in an amount of not less than $5,000,000 for injury (or death) to persons and damage to property, which amount shall be increased from time to time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by prudent landlords of first-class non-institutional office buildings. All insurance required to be carried by Tenant pursuant to the terms of this Lease shall be primary and be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State and rated in Best’s Insurance Guide, or any successor thereto as having a general policyholder rating of “A  ” and a financial rating of at least “VIII”. Liability Insurance to protect the landlord against all claims and damages amount $5 Million on a primary basis with a reputable insurance company Sample Simple Lease

Overly restrictive language Excessive Limits of Insurance Impossible Conditions Outdated Terminology Illegal Practices Commercial Lease Pitfalls

The 1978 Diplomatic Relations Act and the Foreign Missions Act require that all motor vehicles owned and operated in a US jurisdiction by a member of the foreign diplomatic community carry liability insurance coverage at all times. Liability $300,000 combined single limit or Split limits of $100,000 personal injury per accident and $100,000 property damage per accident XYZ Applies to business autos and individual owned autos. Auto Insurance

The Auto Policy

Workers Compensation Foreign Governments are not required to provide workers’ compensation coverage* for the individuals working in America for those foreign governments as long as they are performing strictly governmental work for the foreign government and are not engaged in any commercial activity for that foreign government. Example: A US citizen working for the Consulate performing strictly governmental work and not engaged in any commercial activity would not be required to be covered by a workers’ compensation policy. Please note that any individuals from a foreign government that are working on a commercial venture in must be covered by a workers’ compensation insurance policy. * In New York State

Conference Election Venues Builder’s Risk Art Shows Special Circumstance Insurance

Personal Insurance

Strategies for Success Insurance companies have no loyalty to you Agents vs Brokers Evaluate your needs and design the policy you need Bring on the competition It’s not just the cost- negotiate coverage

Caveat Emptor Read Your Policy Required for Autos, Leases, Certain Workers Recommended for Offices, Homes, Possessions Provides Legal Defense Engage Competition Caveat Emptor Read Your Policy Required for Autos, Leases, Certain Workers Recommended for Offices, Homes, Possessions Provides Legal Defense Engage Competition Insurance for the Diplomatic Community Insurance for the Diplomatic Community