"A complicated requirement, DBA insurance is commonly misunderstood,” says Schauble. “Consequently, organizations incorrectly assume that standard DBA cover is sufficient. This often proves to be a costly oversight.”
Washington, D.C. (PRWEB) November 30, 2012
Clements Worldwide, a leading provider of international insurance solutions, delivered actionable and cost-effective answers to the complexities associated with DBA insurance requirements during a recent industry roundtable. Coinciding with the Overseas Security Advisory Council (OSAC) Annual Briefing in the nation’s capital, the interactive event attracted dozens of leaders and decision-makers from the security, international relief and development, and global logistics industries.
Using this dynamic forum as an opportunity to clarify the frequently misunderstood topic of DBA insurance, keynote speaker Laura Schauble, special risks manager at Clements Worldwide, addressed the recent changes to DBA regulation, emphasized the limitations of DBA benefits, and outlined proven solutions in real case scenarios.
“A complicated requirement for organizations with civilian employees working overseas on U.S. government contracts or subcontracts, DBA insurance is commonly misunderstood,” says Schauble. “Consequently, organizations incorrectly assume that standard DBA cover is sufficient. This often proves to be a costly oversight.”
The presentation sparked a lively debate among participants, who were eager to consult with Clements’ authorized DBA insurance experts to ensure proper compliance with the State Department’s requirements. “The objective of the roundtable was to help our valued partners and clients understand the complexities of DBA. Based on the overwhelming engagement and positive feedback of attendees, the roundtable was indeed a success,” says Clements’ global organizations executive Yan Bui.
Clements urges all organizations involved with overseas contracts to promptly consult with authorized DBA insurance providers regarding their coverage: “Failure to obtain DBA insurance for all covered employees not only subjects an organization to the risk of potential lawsuits by its employees, it also exposes the company and its officers individually to possible Labor Department fines and criminal actions,” says Bui. “DBA cover is therefore not only an important requirement of any robust compliance program, but also an important step in mitigating potential liability arising from covered employee activities.”
About Clements Worldwide
Clements Worldwide works with authorized DBA insurers and is a leading insurance provider for expatriates and international organizations. Founded in 1947, Clements offers international car, property, term life, health, specialty and high risk insurance in over 170 countries. With offices in Washington DC, London, and Dubai, Clements delivers comprehensive coverage, superior customer service, and unparalleled claims response. To learn more and quote online, please visit http://www.clements.com.