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| Global Reach & point-of-sale expertise. |
GC&C is a relative new kid on the block in insurance terms, having launched quietly three years ago. Since then it has carefully chosen a suite of products and a geographic spread that matches its intention to
provide point-of-sale expertise.
GC&C’s newest product, called TRIBUNE, has a global capacity of up to $250 million and provides comprehensive coverage for U.S. corporations’ domestic and overseas exposures via a “controlled master program,” which leverages the global capabilities of Generali.
TRIBUNE customers will be able to access the global loss control and mitigation services provided by BELFOR Property Restoration, said a statement issued by GC&C.
With the ability to issue admitted policies in 145 countries through its network, Generali provides “the advantages of an established global network, such as cross-border premium transfers, local claims adjusting and claims settlement as well as local servicing capabilities and a very broad international network of loss control engineers,” said Andrew Sims, senior vice president of Property & Construction at GC&C in New York City, during a recent interview.
“In an increasingly interconnected world, when you have multiple insurers handling your insurance, you run the risk of certain risks falling between the cracks,” he said. “One of the reasons a multinational program is so attractive is because it provides global consistency.”
“TRIBUNE was specifically designed to respond to the unique challenges of cross-border risk management for multinational corporations based in the U.S. and to avoid the pitfalls of insurance fragmentation across country lines,” said Sims in a statement issued by GC&C.
A controlled master program provides a centrally administered global program in addition to local policies with local claims adjusters, loss control engineers and servicing. The master policy wraps around “the local coverages and provides a consistent level of global coverage,” Sims explained in the interview, noting that this is especially important for manufacturing companies dealing with complex supply chain exposures.
A controlled master policy is a bit like a speed dial, he continued. “You don’t have to keep a list of 50 different insurers that are insuring your assets.”
If something goes wrong, the customer makes one call to its account executive at Generali in New York, Sims said.
Founded in Trieste, Italy in 1831, Generali has had a branch in the U.S. for more than 50 years. Approximately 1,200 people work in the U.S. under different brands such as European Assistance and Generali Employee Benefits—businesses that generate $1 billion in annual revenue for Generali.
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