Glossary

Force majeure is a French term meaning a superior force. It is an unexpected or uncontrollable event that upsets one's plans or releases one from obligation.

Force majeure insurance provides coverage for financial losses arising out of the inability to bring a project to completion.

Foreign-cubed litigation refers to a lawsuit brought by foreign investors who bought their shares in foreign-domiciled companies on foreign exchanges for violations of American securities laws with respect to those securities.

The Foreign Account Tax Compliance Act establishes rules for the reporting of foreign financial assets held by US taxpayers in a foreign financial institution (FFI) or a nonfinancial foreign entity (NFFE).

As defined in the Motor Carrier Act (MCA) of 1980, the term means commerce between any place in a foreign country, or between the United States and a territory or possession of the United States, insofar as such transportation takes place within the United States. It also includes commerce between places in a foreign country or countries (e.g., trade between Canada and Mexico), insofar as such transportation takes place within the United States.

The Foreign Corrupt Practices Act of 1977 is a law imposing criminal liability on corporate directors and officers for illegal payments made to foreign officials.

Foreign currency controls are the foreign exchange controls that could disrupt the timely payment of policyholder obligations denominated in a foreign currency (i.e., $US).

From the US perspective, an insurer domiciled in the United States but outside the state in which the insurance is to be written is considered a foreign insurer.

Foreign liability coverage is a specialty policy for an insured's liability for foreign operations arising out of a permanent branch office, manufacturing facility, construction project, or other operation located in another country.

A foreign title equivalent coverage provision is an endorsement to directors and officers (D&O) liability policies extending coverage to individuals working in the foreign subsidiaries of the insured organization.