Partner for BiH
International Insurance Programmes & Reinsurance
The design and management of international insurance programmes is a service intended for multinational companies that have subsidiaries, sites or business units in several countries and want a single, centrally coordinated insurance solution rather than a series of disconnected local policies.
VIPOX identifies and assesses the group's risks, designs a centrally managed global programme and implements it in each country in compliance with local legal, contractual and tax requirements. The programme is built as a combination of a master policy issued in the parent company's country and local (admitted) policies in individual countries, linked by DIC/DIL clauses that cover differences in conditions and sums insured and prevent gaps in cover.
This gives the parent company full oversight and control over the management of the whole group's risks, a uniform level of protection for all subsidiaries, compliance with the laws of each country and lower overall insurance costs. In addition to placing the policies, VIPOX also arranges local claims handling and settlement in each country, with access to the international market through its partnership with AON for BiH.
Who it is for
Multinational companies and groups with subsidiaries, sites or affiliates in several countries, as well as BiH firms expanding their business abroad and foreign companies with a presence in BiH; typically those that require centralised risk management and uniform cover for all locations.
Lines covered
Property and business interruption insurance, liability (general and professional), transport risks and directors' and officers' (D&O) liability; the programme is extended to other lines as required (e.g. cyber, environmental liability, political risks).
Key concepts
The "Controlled Master Programme" — the master policy fills gaps in cover and sets a global standard, while local admitted policies ensure legal compliance in each jurisdiction.
Key note
Many countries prohibit non-admitted policies and require a local policy — relying on a master policy in a country where this is not permitted can expose the subsidiary to fines and local managers to criminal liability. A local policy is compliant only up to its limit, so it is the master policy, with its DIC/DIL clauses, that provides complete and compliant global protection. A successful programme generally rests on seven dimensions: a balance of objectives and risk, coverage of all exposures, adequate cover, compliance, programme structure, efficiency (cost and administration) and communication with all stakeholders.
Our approach
For both domestic and foreign clients, VIPOX brings a deep knowledge of the BiH market, independence in the choice of insurer and a commitment to every client. We analyse the group's risks and design and negotiate the programme in the client's interest, while through our partnership with AON for BiH we give clients access to the international market and the coordination of the programme across borders.