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Glossary
International programmes

International programme

Structure that combines a master policy with local policies admitted in each country, to provide homogeneous cover to a group with subsidiaries in various jurisdictions.

In practice

Its value is not in the paper but in the governance: a single interlocutor who decides the cover standard, transfers it to each country, and consolidates the information. Without that coordination, a group ends up with as many risk policies as countries.

Where it is addressed

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

Related terms

Master policyContract signed by the parent company that sets the group's cover standard and responds above or in default of the local policies.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.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 completes the indemnity when the limit of the local policy is exhausted before the group's standard.Programme complianceVerification that each policy in the programme complies with the insurance, tax, and sanctions regulations of the country where it is issued.
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