Risky Business – US.Insurance Matter

G E R M A N A M E R I C A N T R A D E M A Y / J U N E 1 0, Auszugsweise:

GAT: Your company (JKJ & H International is a joint venture between Dr. Friedrich E. Hörtkorn GmbH of Heilbronn, Germany and Johnson, Kendall & Johnson Inc., of Newtown, PA created for the sole purpose of providing Risk Management, Insurance and Employee Benefits Program advice and services for German American owned companies) does business in Germany and the United States, and other countries – how do you manage the Property and Liability Insurance and Employee Benefits Insurance Programs?WHITE: Managing risk andunderstanding the issues that affect you and your employees, in the countries you choose to do business, are very important. There are three primary areas for German American businesses to focus on:

Communication: Insurance companies and brokersv located in each country do not effectively communicate with each other. “Face to face” time, uncovering client needs, understanding of the issues and developing a plan of action with constant communication between all parties, is the most effective solution.

Coordination: Poor communication creates misunderstandings relative to coordinating respective risk management programs. This can result in gaps in coverage. Regulations and legal requirements are often misunderstood. There must be coordination of programs from all the parties, of the coverage terms and the implementation of the plan. Compliance: This issue centers on tax obligations, revenue recognition and the appropriate llocation of expenses. There can be accounting issues relative to payment of a claims; duplicate insurance coverage in each c…