Globex Underwriting Services
- Our Process

11-Step Placement Process

All placements follow our proven 11-Step Placement Process that ensures consistent and efficient account handling, supported by our custom-designed secure online application platform, Globex World.

Definition:
PM: Partner Market
GUS: Globex Underwriting Services
NP: Network Partners/Local Insurer

GENERAL INQUIRIES STAGE

• PM reaches out to GUS with general inquiries, i.e. if admitted coverage is required in a certain country, what are the taxes in a certain country, a special coverage in a certain country, etc. and GUS provides information to PM

SUBMISSION STAGE

Step 1

• PM sends a new submission via our online system Globex World; GUS acknowledges the submission and starts the placement process

Step 2

• GUS reviews the new submission and responds to PM with questions and requests for additional information

Step 3

• PM replies with answers/requested information enabling GUS to develop local terms and conditions

QUOTING STAGE

Step 4

• GUS provides initial cost estimate for the program and reviews it with PM

Step 5

• GUS approaches the network if applicable and provides terms and conditions to the PM

BINDING STAGE

Step 6

• PM advises GUS when the account is bound. GUS acknowledges the binding order and sends the binding order to NPs.

POST-BINDING STAGE

Step 7

• GUS works with the local insured/local broker/local insurer to prepare for local policy issuance

Step 8

• GUS drafts Reinsurance Agreements and obtains fully executed copies for PM's files

Step 9

• GUS sends out invoicing instructions

Step 10

• GUS obtains the local policies and sends to PM to review and confirm

ONGOING MONITORING

Step 11

• The program is monitored throughout the policy period, and GUS assists with any mid-term requests and changes