International programme management
Bazzi Insurance Partners offers your seamless support wherever you do business around the world
Bazzi Insurance Partners has accumulated a wealth of expertise in the creation and management of sophisticated yet simple international programmes.
Our dedicated team defines programmes catering for the specific needs of the geographic areas its clients operate in to offer:
- Integrated International Programmes or Freedom of Service (FOS) Programmes
- Non-Admitted Programmes
LPS/FOS Programmes e Non-Admited Programmes
LPS/FOS Programmes
This category of programme is applicable for businesses with subsidiaries within the European Union.
In this case, the foreign subsidiaries of the company can be covered directly from the country of domicile of the parent company, Italy.
These are simple programmes which do not require the issue of local policies, offering an effective solution where the operations of the subsidiaries are not particularly complex.
Non-Admitted Programmes
In certain cases, the coverage provided for the parent company can be extended to include its foreign subsidiaries in non-EU countries, without requiring the creation of local policies, such as in the case of Directors and Officers (D&O) policies.
In the event of a claim, to avoid conflict with the legislation applicable in the individual country, compensation is disbursed to the parent company on the basis of the financial interest it holds in its subsidiaries, regardless of the countries they operate in.
Operating internationally needn’t be a headache, because we’re there for you wherever you are
Through our widespread and perfectly coordinated global network, we continue to meet our goals day after day, letting you manage the risks of your subsidiaries as easily as if they were just a few miles away. The members of the network Bazzi Insurance Partners belongs to will handle your subsidiary in consideration of its overall scale and position within a larger group, and not simply as a single local entity.
The policies relative to the risks unique to each individual country are negotiated strictly on the local market only, just as we do here in Italy for the parent company.
Why is integrated international risk management more effective?
Non-coordinated risk management
Each subsidiary chooses their insurance coverage autonomously in consideration of their risks.
Pros: local risks are covered in consideration of the conditions and limitations in effect in each individual country (e.g. limitations applicable for natural disaster risks such as earthquakes, hurricanes and flooding)
Cons: fragmented management may result in unnecessary duplicated coverage or shortfalls in the coverage provided to the foreign subsidiary with respect to the coverage of the Italian parent company.
Coordinated risk management
The parent company and subsidiary are handled by the same broker through a network of professionals.
Pros: unified, integrated risk management for the entire group which takes all specific conditions and factors into account to formulate a programme with adequate coverage for all the companies of the group, and which takes advantage of economies of scale to offer significant benefits in terms of cost. A seamless solution made possible by the constant exchange of information between the local brokers and the Bazzi Insurance Partners Master Broker.
Why is a master international policy more cost-effective?
The Master programme considers all the companies of the group as a single entity, to also allow management of interdependencies.
Master Policies are stipulated by the parent company for the main policies such as fire, all risks property, civil responsibility, transport and D&O, to which local policies applicable for the individual foreign subsidiary companies are linked.
The result is a programme geared for compliance with a unified regulatory framework, supplemented for each country with Good Local Standard policies catering for specific local requirements.
The programme creates an insurance umbrella covering all the companies of the group, based in the country of the parent company, which unifies the terms, maximum coverage and compensation limits to reflect those of the policy of the parent company.
This solution ensures effective coverage for both the parent company and its subsidiaries which, due to their small size, may not have been able to access such coverage as individual entities.
The programme therefore considers companies with subsidiaries and branches in different countries around the world as single entities, which also allows for the management of interdependencies in the event of a claim.
In the event of a claim, the Master Broker takes charge of the case and may liaise with the insurance company directly at a Master Policy level, referring to the policy stipulated in the country where the parent company is based.
A Master Policy is therefore more comprehensive in terms of legislative compliance and allows for higher maximum coverage limits, as it may be applied in cases where local policies do not envisage a specific coverage or have an insufficient compensation limit.
This is made possible by implementing the Difference in Conditions (DIC) and Difference In Limits (DIL) insurance methods.
