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International
Forms of global insurance program
Global carriers, e.g., AIG, FM Global, ACE and Zurich will write global programs and where they are not represented in a particular territory fronting can be arranged with a friendly licensed local company.
Global programs are either admitted and non-admitted. An admitted program is one where policies are issued in all territories in which the organization operates. This can be cumbersome because of the number of documents issued, but legal because many countries do not allow unauthorized insurers to operate. Premiums are allowable expenses for tax purposes. The disadvantage is that standard coverage in many territories may not be adequate, i.e. some perils may not be covered, nor may the full level of indemnity required be available locally.
A non-admitted program has a global policy, covering all territories, issued in the parent's domicile. This has the advantages of consistency in coverage, lower premiums through bulk buying and the opportunity for the parent organization to modify rating internally for good / bad risks. However, this may not be legal in many territories. Premiums will not be tax deductible, and there may be problems with getting claims payments back into the country.
The way that many multi-national organizations get around this is to have a policy issued locally, in its standard form, and with minimum cover. A "master" policy is then issued to the parent giving wider and higher levels of cover. The "master" will exclude anything covered locally.
Insurance Definitions
For definitions of various forms of insurance refer to Insurance Marketplace
Insurance Sources
(General - Not necessarily accessible by TCIM)
- ACE Limited
- Allianz Global Corporate & Specilaty
- Chubb Insurance
- CIGNA International
- CNA Canada - OneWorld
- FM Global
- ING Group
- Liberty Mutual
- Lloyds Worldwide - Links to Lloyds sites worldwide.
- Mexican Insurance for Americans and Canadians - Operated by Loyalist Insurance Brokers of Toronto.
- Mexican Insurance Online
- Travelers
- XL Insurance
- Zurich Financial Services
Other Resources
- Axco - Global insurance market information.
- CIA Publications - A Central Intelligence Agency web site which includes useful information on all countries.
- E-Library in Islamic Economics & Finance (E-LIEF)
- Foreign Affairs - Online guide to international affairs, offering indexed access to the leading journals in the field, capsule reviews of hundreds of new books, full text of source documents, and much more.
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Global Edge -
Created by the Center for International Business
Education and Research at Michigan State University (MSU-CIBER),
globalEDGE™ is a knowledge web-portal that connects
international business professionals worldwide to a wealth of
information, insights, and learning resources on global business
activities. globalEDGE™ is your source for global business
knowledge. The site offers:
- Global Resources - more than 2,000 online resources
- Country Insights - a wealth of information on all countries
- Community - an interactive forum for business professionals
- Knowledge Room - latest issues in international business
- Academy - extensive research and teaching resources
- Diagnostic Tools - decision-support tools for managers
- Insurance Council of New Zealand
- Insurance Services Network - As an independent insurance information company, ISN offers unbiased international industry News and covers the regulatory climate in dozens of Countries from Argentina to Venezuela.
- Intelligent Protection International - Intelligent Protection International Limited provides close protection bodyguards and executive protection services to meet our client’s requirements, whether it is in a hostile environment or a capital city. We operate with an amalgamation of professional standards, great management and highly experienced personnel.
- International Insurance Fact Book - Useful resource for international insurance facts.
- Irish Insurance Federation
- Uniba Risk Solution Partners - Established more than 20 years ago, in 1987, we’ve evolved from a small group of young brokers concerned about their client’s foreign exposures to a global platform assisting clients in over 120 countries across the world.
- ViewsWire - International Business Intelligence.
