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LOCAL CONCEPTS IN GERMANY
Our service within Germany can be broadly categorized into three brackets:
MAIN LINES
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Liability Insurance (general/public liability, product liability)
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Property Insurance (contents, machinery, business interruption)
SECONDARY LINES
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Legal Expenses Insurance
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Motor Insurance (particularly fleets)
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Transit Insurance
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D&O (Directors & Officers Liability)
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Group Life and Group Health Insurance
SPECIAL LINES
Individual concepts for firms, such as Cyber Insurance.
We also provide service for high net-worth clients, such as an All Risk Insurance policy for arts, which we are offering in partnership with Allianz (Art Privat).
HOW DOES IT WORK?
As an insurance broker, we are your gateway to insurance carriers across the globe.
For non-German corporations, our main expertise lies in servicing their German subsidiaries. We can customize our service in a way that your German policies harmonize perfectly with the coverage in your home country. We are experts in cross-border insurance, so we know how to replicate your coverage from your home country in Germany.
Our capabilities go beyond Germany, though. With partners abroad, are able to set up master-controlled insurance programmes that cover your entire risks. For example, if you need insurance coverage in China, we can offer English service through all steps and place the risk with a local partner. This makes us a one-stop shop for your global risk management, offering uniform service and reporting for all your locations across the globe.
There are only a handful German insurance brokers that can offer global risk management without outsourcing the interaction with local partners to a brokers' network. We are one of them.
"Insurance is an uninspiring topic. Frankly, it's all boring business until a claim happens. Then it becomes exciting.
If you have a damage of any sort, it is important that the process runs as smoothly as possible to ensure you can continue your operations without hiccups. It is equally important to have an advocate on your side who has insured you properly, taking into account your cross-country risks. And most importantly, your claims handler needs to speak your language. Claims handling is where we can show you that we did our homework.
Multinational insurance is my area of expertise. After three years as Account Executive at a global brokers' network, I moved to Toronto and got to know the insurance startup scene in Canada and the US. I saw possibilities in digitalization and risk management that I wanted to enact in my own company and bring to Germany. I came back home and founded Risk Seekers UG.
I recognized that the German insurance market can be overwhelmingly complicated for foreign businesses, so a pillar of our business is to service German subsidiaries of foreign companies. We can place standalone policies or service fronting policies of global programmes. Our staff is fully fluent in English, French and German.
We will be happy to address your needs."
Emre Gücer, Cert. Insurance Expert (IHK), Managing Director
GLOBAL SOLUTIONS
We are able to design global insurance concepts.
Per line of insurance, we do one of the following options:
Option 1
Covering the risk in your home policy
Option 2
Local Policy
Option 3
Local Policy +
Excess Cover
Option 4
Global Programme
If you do not have have many risks to insure in a certain country (e.g. beacuse your operation is very small), you can include the risks into the insurance policies of your home country – as long as local legislation does not stand in the way.
Pro: It may save you money to not have a separate policy for a small risk.
Con: Site surveys and claims handling can be painstakingly difficult if the risk is not insured by a local insurer. Therefore, only small risks should be covered outside the local country. For example, a production facility should never be insured in a foreign contract.
Large risks should be covered locally to allow smoother risk inspections and claims handling.
Also, some countries forbid categorically to insure a local risk in a foreign policy. In such "non-admitted countries", every risk, however miniscule, has to be insured locally. Switzerland and China are famous examples of non-admitted countries.
If you are based in the EU, a rule of thumb is that you can insure any risk within the EU in your home policy (Freedom of Service). Outside of it, most countries are non-admitted countries.
We will be happy to dive deeper into compliance matters in a one-on-one consultation.
If you decide (or are obliged to) place a local policy, you may find that, depending on the country, local policies can be much poorer than what you are used to in your home market. The solution is to install an excess cover in your home country that covers any difference.
This excess cover, a so-called "master policy", defines a standard you can count on. If a claim is not covered locally but through your master policy, the master policy will pay out the claim.
The excess guarantee of the master policy applies to both insurance conditions and limits:
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Difference in conditions (DIC): The master policy offers better conditions than the local policy
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Difference in limits (DIL): The master policy offers higher sums insured
While Option 3 places a master policy on top of any given local policy, Option 4 is a uniform solution. Both the master policy and the local policy (fronting policy) are placed by the same insurer and the entire risk is calculated in your home country.
Example: If you are based in the UK and we install a global programme with AIG, then AIG UK places a master policy in the UK (which coveres both the UK risk and the excess risk for any of your foreign subsidiaries) and instructs AIG Germany to place a local policy in Germany.
Pro: Global programmes are consistent and the responsibility to place all policies lies at the insurer. Also, all premium calculations are done centrally in your home country.
Con: This solution is more expensive than Option 3.