Building the Program
A Multinational Program (MP) is a composite insurance solution. It combines different policies and services to make sure you’re fully covered, everywhere your company operates, and is tailored especially to businesses with a global presence and exposures in multiple countries. The structure of a Multinational Program can include different solutions and coverage depending on client needs, compliance considerations, administrative requirements, documentation, and exposure footprints.
A key feature of any Multinational Program is central control and coordination. We work with you, analyzing your insurance needs, then build your MP to reflect your global operational requirements.
Our goal is to give you homogeneous coverage custom-tailored to your business, and we leverage a number of different insurance solutions to achieve this.
Our Producing Office typically issues master coverage in your home country, then a locally-admitted policy wherever your operations require one, making sure it meets local laws, regulations and language.
When permitted (and in accordance with client needs), a client’s foreign exposure may be covered through an FoS policy issued by the Producing Office in your home country.
Potential gaps between your agreed-upon global coverage and local policies may be covered under your master policy through either cross-boarder coverage (DIC/DIL, or Difference In Limits/Difference In Conditions), or alternative coverage (FIntC, or Financial Interest Clause) in accordance and full compliance with the home country and local regulations.
Local policies are centrally reinsured through the Producing Office in your home country. This lets us provide you all the advantages of global coordination, harmonization and a single viewpoint for profits and losses.
How is a multinational program implemented?
How local policies help achieve the same level of coverage as your master policy
The key component of a Multinational Program’s value proposition is its ability to serve the program through an extensive, well-managed network. In GC&C we have built a distinctive, customer-centric service model based on three key pillars:
- Global reach / local insights
- Our experts
- Our tools
We provide service across Property, Casualty, Directors & Officers, Professional Indemnity, Marine and Engineering.