When the insurance solutions provided by a broker fail to provide the right coverage, clients risk exposure and the broker could be held responsible from a professional indemnity perspective. It is vital for both your clients and your business that the insurance solutions you propose are appropriate to each client’s needs and avoid any gaps or duplications in coverage. International programs can help reduce costly errors and omissions in your multinational clients’ insurance solutions.
With a Zurich International Program you can give your clients greater transparency in relation to how particular elements would help protect them in the event of a loss. This in turn can give them greater confidence that they have the appropriate coverage in place relative to their exposure in any corner of the world where coverage is available.
Here’s how our international program works: Typically, we will work together to design a master policy that will function as a template for coverages, limits and terms in every country where your client’s business has exposures and where coverage is available.
Based on your client’s service needs, we will then map these exposures in each country to understand where a local policy is recommended or where non-admitted coverage and services are allowed.
To reduce coverage gaps and help ensure the client receives uniform coverage worldwide, differences in limits (DIL) and differences in conditions (DIC) between the various local policies are provided by the master policy, where permitted. Financial Interest Cover (FInC) on the master policy provides coverage for the balance sheet impact due to losses that occur where these non-admitted coverages are not permitted. Additionally, a single Freedom of Services (FoS) policy can be provided to cover risks in several European countries.
We specifically design Zurich International Programs to help meet the unique needs of each customer, while providing greater transparency over what coverage is in place and where. This helps reduce the duplication of coverage that can occur with decentralized insurance policies and further demonstrates our commitment to our brokers and customers.
William J. Porter, CPCU
Head of International Sales & Distribution
Zurich North America