Etaoin Shrdlu

Yes, but my original point is that third party liability insurance for motor vehicles isn't compulsory.

Por Ror Bor is compulsory and is required to register a vehicle, but it is not third party liability insurance. Por Ror Bor is a no-fault scheme to compensate those injured in vehicle accidents. Por Ror Bor will not respond to claims or suits brought by injured parties in court for either bodily injury or property damage and is therefore not liability insurance.

The compulsory Por Ror Bor scheme is not third party liability insurance. It is a no-fault scheme to pay for medical expenses, death and dismemberment. It will not respond to any kind of suit in court for legal liability for either property damage or bodily injury.

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I don't think you'll have much success getting a US-based insurer to provide cover for a company incorporated in Thailand. Most insurers will only write policies for insureds that are located within the geography that they're licensed for. AIG has an office here and is capable of providing general and products liability cover with US occurrences and claims and suits, but as Keeps has said above, they will want a substantial minimum and deposit premium. If your company does not have significant volume, you may not find it economical. Distributors often require suppliers to evidence a specific limit of liability and also to include them as an additional insured via a vendor's endorsement. You really need to have a good insurance broker look over your contract and advise.

There's also a negative side.

That sounds like a requirement to evidence general and products liability insurance. Since the exports are to the US, there may be a requirement to provide the insurance with coverage responding to both occurrences taking place in the US and claims and suits brought in the US. There may be other requirements that need to be addressed as well. Due to the litigiousness of US society and the large awards granted by the courts, policies covering US occurrences and claims and suits attracts greater scrutiny from insurers and also higher premiums. Some of the multinational insurers present here in Thailand are capable of providing the necessary cover as long as the risk otherwise meets their underwriting guidelines and makes commercial sense. My suggestion would be to engage a professional insurance broker and ask for a review of the details of the contractual requirements and also have a discussion of the potential risks of having a product sold in the US. I do not recommend trying to sort this yourself directly with an insurer.

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Good post!

That's not how interest is calculated on many consumer loans in Thailand. Motdaeng is correct as far as car loans and many consumer loans are concerned.

AIA has offices in several Asian countries. It used to be part of AIG. AIA Thailand can't issue a straight medical insurance policy, they can only issue a life insurance policy with a medical expense rider attached. Not a problem if you want or need life insurance, but you're paying for life insurance on top of medical insurance. It will also likely be a whole-life policy with a cash value which can attract FBAR reporting requirements if you are American.

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One man. One vote. One time. Sure seems to be what Trump is talking about. Yeah, have heard it before in the Middle East about how democracy goes to die when fanatics, religious or otherwise, take control.

https://www.snopes.com/fact-check/biden-official-arrested-texas/

If the damage to the landlord's property is due to factors beyond the tenant's control, for example hail breaking windows that were properly closed, then no. If the tenant negligently leaves a window open and rain enters and damages the landlord's property, the tenant may be liable for repairing or replacing the landlord's property. Some renters' insurance policies will provide a limited amount of coverage for the policyholder to obtain alternative accommodation after an insured loss renders the premises uninhabitable. I know of one insurer's policy that provides 2,000 baht per day subject to a 90 day or 100,000 baht aggregate limit for temporary accommodation. Check the rental contract to see what it says about the landlord's duties to maintain the premises or allow the tenant undisturbed possession and use of the premises. Failure of the landlord to do so may give the tenant the right to terminate the contract.

Por Ror Bor will pay on a no-fault basis for medical expenses, disability and death arising from a motor vehicle accident. The limits are fairly low. It does not cover legal liability for either bodily injury or property damage and does not extinguish one's legal liability if it pays out. If the other party's insurance paid to repair your vehicle, it was due to the other vehicle being covered by voluntary third party liability. If your claim was solely for medical expenses, it may have been covered by the mandatory Por Ror Bor scheme provided that the expenses were below the low limits provided. If you incurred substantial medical expenses, the amount above the low limit provided by Por Ror Bor would have been paid by the voluntary third party liability coverage under the other party's policy. At present, the Thai government does not require third party liability insurance for motor vehicles, only participation in the Por Ror Bor no-fault medical expense scheme.

No, it does not. Por Ror Bor is not third party liability insurance.

Fairly strict regulation of policy forms by the OIC tends to limit coverage to the basics. Even multinational insurers that issue broad polices in their home countries are limited to what the OIC has approved for use here.

Agree. Until the great flood of 2011, insurers may have provided flood/water damage cover up to the full sum insured for the building and contents. Afterwards, they limited it to about ten percent of the total sum insured. Wooden structures are difficult to insure.

Yes, it is common. Many people here don't insure their property unless required to do so by a lender. Risk awareness is low and people don't want the expense of having to purchase insurance. Thailand is not sophisticated when it comes to risk and insurance. The government does not even require proper third party liability insurance for motor vehicles.

It is interesting to note that the penalty for deferring enrollment in Part B is levied only on the base amount and not the base plus the adjustment for higher income. If one defers enrolling in Part B, the penalty will equal the premium savings after ten years if one only has to pay the base amount. If one incurs the premium adjustment based upon higher income, the penalty will equal the savings at a later date. The spreadsheet is based upon someone filing as a single taxpayer with a ten-year deferral of Part B from age 65.

The third party liability section of most, if not all, travel policies will exclude liability arising out of the use of a motor vehicle. There is sometimes a carve-back for liability for damage to the rental vehicle itself, subject to a sublimit. This may or may not be adequate to allow the policyholder to decline the expensive collision damage waiver that rental car companies offer.

Many of the major insurers in Thailand offer renters' insurance. It covers loss or damage to personal property of the policyholder as well as third party liability. Most leases will state that the landlord is not responsible for loss or damage to the tenant's personal property, but do not require the tenant to take out insurance.