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Glossary
International programmes

Correspondent

Local broker who executes the programme in their country following the technical instructions of the leading broker.

In practice

Chosen for their expertise in that market, not for belonging to a network. They negotiate locally, follow the claim, and return the information to the group's consolidated report.

Where it is addressed

This term is covered in Gestión del programa and applies when taking out Programas Internacionales.

Related terms

International network of brokersAssociation of independent brokerages that provide mutual cover in countries where they do not have their own office.Admitted local policyPolicy issued in the subsidiary's country by an entity authorised there, in accordance with its regulations and taxation.Consolidated reportSingle chart that gathers covers, limits, premiums, and claims of all subsidiaries in an international programme.Cash before coverRule in force in several countries whereby cover does not commence until the premium has been effectively paid.DIC clauseClause of the master policy that covers the guarantees not included in the local policy, elevating the subsidiary to the group's standard.DIC ClauseClause of the master policy that completes the indemnity when the limit of the local policy is exhausted before the group's standard.
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