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International insurance programmes
At JORI&, we design and manage bespoke international programmes, which act as fundamental drivers for the global expansion of our clients.
In short
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
A well-structured programme ceases to be a compliance cost and becomes a facilitator of expansion.
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.
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.
Technical criteria
Where gaps open when leaving Spain
International expansion multiplies exposure long before the insurance structure adapts.
Non-admitted insurance
Many countries prohibit covering local risks with foreign policies. Doing so exposes one to fines, non-deductibility of the premium and, above all, the risk that the claim cannot be paid in the destination.
Insufficient local limits
The subsidiary contracts in the local market what is standard there, well below the group's policy. Without DIC/DIL, that difference is a net loss.
Incorrect settlement of taxes and fees
Each country taxes the premium differently. A poorly structured programme generates fiscal contingency in several jurisdictions at once.
Claim in a language that no one in the group speaks
Without a local correspondent with clear instructions, the file is paralysed and the subsidiary negotiates alone with an adjuster it does not know.
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 definitive scope depends on the wording of each insurer. We review it with you before recommending anything.
The JORI& method
Cómo trabajamos
El mismo método en cualquier solución: entender la exposición real antes de mirar una prima.
Análisis del riesgo
Estudiamos la actividad, el patrimonio y los escenarios plausibles. Sin ese diagnóstico, comparar pólizas es comparar precios de cosas distintas.
Diseño del programa
Definimos coberturas, límites, franquicias y exclusiones aceptables. Decidimos qué se transfiere al asegurador y qué se retiene de forma consciente.
Negociación con el mercado
Presentamos el riesgo a las aseguradoras con las que trabajamos y negociamos condiciones. Somos independientes: no pertenecemos a ninguna compañía.
Acompañamiento y siniestros
Revisamos el programa cada renovación y, cuando ocurre el siniestro, actuamos como tu parte técnica frente al asegurador hasta el cobro.
Frequent doubts
Lo que más nos preguntan sobre 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.
International Programmes
Exposure map of your group, country by country
We review the corporate perimeter, existing local policies, and the limits of your risk policy, and provide you with a diagnosis highlighting coverage gaps and the cost to close them.
- Independent broker: we do not belong to any insurer
- The specialist in the field you consulted answers you
- The review is delivered in writing, policy by policy
Insights
Ver el tema international trade What we have written about this
Guía
Open transport policy: how it is set up and what needs to be declared
Insuring shipment by shipment is slow, expensive, and leaves gaps. The open policy covers all shipments of the year and issues a certificate when the bank requests it.
6 min de lecturaGuía
What to review before renewing your insurance programme
Twelve checks that separate a negotiated renewal from a tacit renewal. Most are not related to the price.
8 min de lecturaNota técnica
Incoterms and insurance: who insures what in each term
Only two Incoterms oblige the seller to contract insurance. In the rest, the risk changes hands earlier than most companies assume.
5 min de lectura
