A global insurance contract covers risks located in more than one country. Examples include:
- Covering immovable property (such as buildings), situated in more than one country.
- Where there is more than one insured and the insureds are situated in more than one country (e.g. an insured defined as a named company 'and subsidiary and associated companies'.)
- Covering fleets of aircraft or ships, where the aircraft or ships are registered in different countries, and registration determines the legal location of the risks.
Note: Global insurance contracts do not include reinsurance contracts.
International fiscal and regulatory obligations arise in territories where risks or insureds are situated.
The international insurance laws and regulations permitting or prohibiting insurance transactions vary in their application and impact on the insurer, insurance intermediaries and insureds.
Legal repercussions may arise for each of the contracted parties where coverage is placed with a non-admitted insurer breaching local insurance laws and regulations.
Global contracts presentation (for Market participants only)
