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A single policy for continental cover

At a glance

  • UK companies are widening their business networks across the European Economic Area (EEA)
  • As they find new business opportunities, they are also facing potential new risks which aren’t covered by a simple domestic policy
  • Zurich’s new Freedom of Services proposition gives brokers and their mid-corporate clients a more effective and comprehensive insurance solution across the EEA

In order to diversify and expand their business potential, many companies are casting their eyes abroad and expanding into new territories. However, whether they are selling to overseas customers, working with international suppliers or using European manufacturing and distribution facilities, many of today’s mid-corporate companies operate from a purely national blueprint and thus need to be protected from potential new risks. 

While markets such as the European Economic Area (EEA) present new opportunities for businesses with new factories, offices or warehouses outside the UK, they also create new challenges. In today’s globalised commercial environment, companies require insurance solutions that can deal with the risks presented by their increasingly international business models.

European Economic Area (EEA) countries:

  • Austria
  • Belgium
  • Bulgaria
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Italy
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Romania
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • United Kingdom

As such, Zurich has improved its Freedom of Services proposition to give brokers and their mid-corporate clients a more effective insurance solution to cater for the risks UK businesses can face across Europe.

Mid-corporate client coverage

Designed for UK mid-corporate clients, who have, or are setting up, their own operations in Europe, the new Freedom of Services proposition provides companies with a single policy, written in English.

Businesses operating on a pan-European basis face a wide range of risks and Zurich has sought to represent this with the products it offers through its Freedom of Services proposition. These lines of business include:

  • Public and Products Liability
  • Property Damage
  • Business Interruption
  • Money
  • Computer “All Risks” Goods in Transit
  • Marine Cargo
  • Directors’ and Officers’ Liability
  • Professional Indemnity
  • Crime

Improved and simplified

Zurich’s Freedom of Services proposition has been improved, increasing the new underwriting limit for Public and Products Liability to £10m for any one non-UK country in the EEA. Similarly, the Freedom of Services underwriting limit for Property Damage and Business Interruption, jointly, has also been increased to £10m.

These increased limits reflect the growing pan-European exposures that mid-corporate companies now face, offering them an alternative solution to local policies written for each of the individual territories where they are operational.

A Freedom of Service approach simplifies the insurance programme by removing the need for local policies, while also aiding understanding through the use of English in policy wordings.

This keeps administration costs to a minimum, helps to increase transparency and means brokers are paid commission in the UK, even though the risks are overseas.

Insurance buyers and brokers can also take peace of mind from the fact that a single policy is capable of compliance with both UK and local legislation, meeting mandatory requirements regarding local taxes and insurance pools.

In addition to Zurich’s Freedom of Services proposition, it continues to have a strong capability in providing international programmes (master policy and local policies) for clients with global, larger or more complex needs, or with higher claims frequencies, where there is a greater requirement for local polices.

Different countries, different laws

Handling overseas differing claims can be problematic for both brokers and their mid-corporate clients, due to different national insurance laws. However, this need not be the case. A claims response that supervises losses from the UK, but investigates them locally, gives clients the best of both worlds.

They benefit from the quick response and expertise that locally-based claims teams can provide, combined with the simplicity that a single supervisory point of contact in the UK offers.

It is this freedom that brokers will be able to introduce to their clients with Zurich’s Freedom of Service proposition.

Image © Getty

For more information, get in touch

Dave Christy | National Corporate Development Manager | 07768 421 005

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