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Glossary
International programmes

Master policy

Also: Master policy

Contract signed by the parent company that sets the group's cover standard and responds above or in default of the local policies.

In practice

This is where the programme is truly negotiated: limits, exclusions, and definition of the insured. Each local policy is issued afterwards by referring to this document, not the other way around.

Where it is addressed

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

Related terms

Admitted local policyPolicy issued in the subsidiary's country by an entity authorised there, in accordance with its regulations and taxation.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.Cash before coverRule in force in several countries whereby cover does not commence until the premium has been effectively paid.Programme complianceVerification that each policy in the programme complies with the insurance, tax, and sanctions regulations of the country where it is issued.CorrespondentLocal broker who executes the programme in their country following the technical instructions of the leading broker.
PreviousAdmitted local policyNextCoverage percentage

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