Enter a country without halting operations
The new subsidiaries clause provides automatic cover from day one of the company. The business starts without waiting for the local policy to be issued.
Businesses
International insurance programmes
At JORI, we design and manage bespoke international programmes, which act as fundamental drivers for the global expansion of our clients.
Definition
What is an international insurance programme
An international programme articulates a master policy in the parent company's country with admitted local policies in each country where the group operates. The DIC/DIL clauses ensure that the master covers the differences in conditions and limits of the local ones, so that all subsidiaries have the same protection even if the local market offers less. It is the only way to have homogeneous cover without breaching the non-admitted insurance regulations.
Advantages
Advantages of an international programme
One conversation, not fifteen
The parent company negotiates and renews at a single point in Spain. It replaces fifteen local renewals with fifteen different criteria and fifteen different calendars.
Global premium below the sum of local ones
Presenting the aggregated risk of the entire group obtains conditions that no subsidiary would achieve separately in its market.
Consolidated report for the board
Exposure, claims, and cost by country in a single chart, comparable to each other. This allows deciding where to retain risk and where to transfer it.
Profile
Who we work for
Spanish multinationals
Groups with subsidiaries or branches outside Spain that need a unique and comparable risk policy.
Subsidiaries of foreign groups
Companies established in Spain that must align with the global programme of their parent company while complying with Spanish regulations.
Expanding companies
Organisations opening their first foreign market and discovering that their Spanish policy does not cover there.
Risk and finance management
Managers who must report consolidated exposure and justify the total cost of the programme.
Scope
Main covers of an international programme
- Master policy in Spain with DIC/DIL clauses over local policies
- Admitted local policies issued in each country in accordance with its regulations
- Common lines: property damage and business interruption, general and product liability, D&O, transport and cyber
- Correct settlement of taxes and fees on premium in each jurisdiction
- Claims management with local correspondent and consolidated reporting to the parent company
- Annual dashboard with exposure, claims and total cost by country
The JORI method
How we work
Our specialists' experience turns every risk into knowledge, and that knowledge into a solution designed for your business.
Risk analysis
Every company faces a unique situation. We analyse each company's specific risks to detect vulnerabilities, assess security measures and propose improvements that strengthen the protection of its business.
Programme design
All our programmes are designed to integrate every cover needed and to bring peace of mind to the companies that trust us.
Selection across the insurance market
We carefully select insurers and design exclusive insurance programmes, adapted to each company's particular circumstances, with a fully tailor-made approach.
Specialised claims management
Claims are the most vulnerable moment for a business. That is why it is so important to have specialists who provide support throughout the process.
Six generations and more than 130 years devoted to insurance.
Frequent doubts
Most frequently asked questions about international programmes
What exactly is a DIC/DIL clause?
DIC (Difference in Conditions) ensures the master covers what the local policy excludes. DIL (Difference in Limits) raises the indemnity to the group's limit when the local is exhausted earlier. Together they guarantee that a subsidiary in a market with poor offerings has the same effective protection as the parent company.
Can I cover my subsidiaries with the Spanish policy alone?
In most countries, no. Non-admitted insurance regulations require contracting with a locally authorised insurer. Doing it wrong implies sanctions, non-deductible premium and the real risk that the indemnity cannot be transferred to the country where the claim occurred.
From how many countries does an international programme pay off?
From two it usually pays off if there are relevant assets or liabilities. Below that threshold, we work with coordinated local policies. The determining factor is not the number of countries, but the difference between the real exposure and what each local market offers.
How does your network of correspondents work?
We work with independent brokers in each country, chosen for their expertise in that market. We belong to UnisonSteadfast, which provides an accredited local broker wherever the group opens a subsidiary; to TechAssure, specialising in technology, cyber and life sciences risk; and to LARS Network, which brings together brokerages from Latin America and the Spanish-speaking Caribbean. We maintain a single point of contact in Spain and the correspondent executes on site with our technical instructions.
Who pays the indemnity for a claim in a subsidiary?
The local policy pays up to its limit in local currency and jurisdiction. If the DIC/DIL operates, the master complements the difference, usually to the parent company. Defining this flow in advance avoids fiscal and treasury problems at the worst moment.
What happens if we open a new country halfway through the year?
The programme is designed with a clause for new acquisitions and subsidiaries, which provides automatic temporary cover while the local policy is issued. Without this clause, the new entity remains uncovered until the next renewal.
Contact
Let's talk about protecting your business
Insights
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