As a wholly-owned subsidiary of FM Global, Affiliated FM offers clients access to the well-established FM Global WorldReach® network. With a unique combination of insurance products and services offered around the world, middle-market clients that are expanding their geographical footprint are able to leverage this valuable network. Affiliated FM is uniquely positioned to help clients expand internationally by providing:
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Locally admitted policies + a global master policy = consistent, legally admitted coverage that clients need.
Each country has unique regulations and business practices. The master/underlyer approach offers locally admitted polices that meet the requirements of each jurisdiction combined with a master policy that fills the gaps that local policies may not be able to address. The result is a program that clients can understand.
First, a local policy is issued in the country where the client has a location. Depending on the country, this policy may be an Affiliated FM policy or a WorldReach® Partner policy issued by a local insurance company with whom Affiliated FM has an agreement. These local policies are admitted and meet the requirement of the local jurisdiction. The key is to provide as much coverage as possible on an admitted basis, because this allows for losses to be paid in local currency, and may help against the incurrence of penalties.
Second, a proVision 360 master policy acts as the legally admitted policy for the domestic locations and also provides a difference-in-conditions (DIC) provision to fill any gaps in coverage the local underlyer policy may not be able to cover due to local standards. The master policy is designed to provide consistent coverage for locations around the globe.
All of this is managed and underwritten by each client’s local production underwriter—making it easy for them to get the coverage they need.
The international insurance regulatory environment can be treacherous. Affiliated FM is uniquely positioned to help clients in meeting their insurance needs in this environment.
A mix of experience, leveraged partnerships and third-party consultation equips Affiliated FM to help clients with international property programs. A dedicated team of Global Service professionals focuses on understanding each country’s unique requirements. This knowledge is collected in “country sheets” that guide production underwriters in properly placing business in countries where their clients are expanding. Our global service personnel also maintain relationships with insurance carriers in these countries so that they can ensure policies are issued according to market requirements.
Property hazards don’t discriminate based on country—why should your loss prevention strategies?
Affiliated FM clients have access to a network of more than 1,300 highly trained engineers located in markets where clients do business. These resident consultant engineers first work with local client personnel to identify hazards. Next, account engineers help clients prioritize global hazards and collaborate with the consultant engineers to implement cost-effective, practical loss prevention practices. This ensures that a consistent risk management approach is being applied to clients’ growing global business investments.