Large business groups which operate in many countries have special insurance problems. They may have to arrange local insurance as per local laws. Nevertheless, the group head office may arrange a “Global Legal Liability Policy” to cover any gaps in local insurance cove rages or on an “excess of loss” basis to take care of large losses.
Insurance Encyclopedia
Global excess/insurance
Reinsurance insurance covering all, or nearly all, of the reinsured’s business, i.e. ‘globally’ in ‘business spread’ and not ‘geographic’ terms. The ‘global’ pays losses in excess of the aggregate net aggregated losses sustained by the reinsured’s many departments (e.g. motor, aviation, marine, property, etc.) following one major event, such as Hurricane Betsey, that strikes simultaneously at ships, aircraft, property on land etc. Policy wording is similar to an excess of loss catastrophe reinsurance. ‘Globals’ can provide cover for specific risks as well as large risk accumulations.
Global fee
1. All-inclusive payment for hospital and physician services (e.g., a surgery case with all preoperative and postoperative medical care in one fee). 2. Combined technical (equipment) and professional (physician) charges or payment.
Global insurance programme
Worldwide programme enabling a multi-national to establish the same level of cover globally. It could consist of a master policy issued in the home country that results in a totally non-admitted insurance programme, i.e. no local policies. At the other extreme it is a totally admitted programme with all local entities being issued with policies and all premiums and losses being dealt with locally. Normally the programme entails: (a) a master policy arranged in the home country giving uniform cover for the whole group; and (b) local admitted policies reflecting local needs. The master policy tops up local policies to gain consistency across the group. The master policy is subject to a difference in conditions clause and a different in limits clause.
Global period
Specific period of time during which all medical services pertaining to a condition or diagnosis are considered included in the payment for the initial surgery or treatment and may not be billed separately. Complications related to the procedure are considered outside of the global period and not included in payment for the initial surgery or treatment. Medicare global surgical policy (GSP) is from 0 to 90 days postoperatively.
Global Policy
A Policy providing the same level of protection in several different countries.
Global pricing
Reimbursement method in which both the hospital and physician fees are packaged into one price (global fee) for a specific medical procedure such as coronary artery bypass graft (CABG) surgery. In addition, the global fee often includes diagnostic procedures, postsurgical recovery, rehabilitation, and follow-up office visits within a certain time period. Also called package pricing and bundling .
Global return
The return completed by Lloyd’s for FSA regulatory purposes, covering the activities of all Lloyd’s syndicates. When the returns are consolidated Lloyd’s publish the Lloyd’s market underwriting results.
Global service
Medical service that has both a professional and technical component such as in some radiological procedures. CPT modifier -26 indicates the professional component and modifier -TC indicates the technical component. When billing if no modifier is present, it is assumed the physician provided the global service. Also see professional component and technical component .
Global surgery package
See: surgical package .