Insuralex, Trusted Legal Advisors for the (Re)Insurance Industry

Today we are sharing some reflections on the coverage of #claims caused by natural disasters: special reference to the #DANA of October 2024. Special thanks to the author Mikel Reyna Escalera #insurancelaw BELZUZ ABOGADOS ESPAÑA Enrique Belzuz Fernández JOSE GARZON GARCIA cc Carlos Sucre Levy Jose Luis Vega Meza Laura Manz Andrew Downs David ROIG

Our Exclusive member in #Spain, BELZUZ ABOGADOS ESPAÑA will analyse the concurrence of fault in the harmful result and its consequences in civil liability matters. https://lnkd.in/dJv6DckR Special thanks to JOSE GARZON GARCIA cc Enrique Belzuz Fernández Mikel Reyna Escalera cc Carlos Sucre Levy Jose Luis Vega Meza Andrew Downs Laura Manz David ROIG #insurancelaw

We are glad to share the webinar´s recording. (Spanish). Please follow the link: https://lnkd.in/d8VkPx5R Jorge Claude President at FIDES Carlos Sucre Levy President at Insuralex & Exclusive Member in Panama Jose Luis Vega Meza Latin American regional leader at Insuralex & Exclusive member in Paraguay Juan José López López Insuralex´s Exclusive member in Costa Rica L. Alberto Balderas Insuralex´s Exclusive member in Mexico Jorge Alexander Olivardía Insuralex´s Exclusive member in Panama Gabriel Loli León Insuralex´s Exclusive member in Peru Claudia Vélez David ROIG Leonardo Jiménez Evans Laura Manz Andrew Downs #insurancelaw

Congratulations! Very well deserved! #insurancelaw

Well-done Lucas Fajardo Gutiérrez & team! #insurancelaw #advise #Colombia

We are glad to share the lastest post by our Exlusive Member in #Colombia Brigard Urrutia. Lucas Fajardo Gutiérrez Luis Alejandro Peña García #insurancelaw Jose Luis Vega Meza Carlos Sucre Levy Laura Manz Andrew Downs David ROIG https://lnkd.in/dCDAq9sM

We are glad to share the article: "The effectiveness of the damage as a basic requirement for assessing the existence of civil liability" by Mikel Reyna Escalera BELZUZ ABOGADOS ESPAÑA https://lnkd.in/dXRCN-ht cc Enrique Belzuz Fernández JOSE GARZON GARCIA Jose Luis Vega Meza Laura Manz Andrew Downs David ROIG #insurancelaw

We look forward to meeting our members and friends next week in #London! Kissel Straton & Wilmer LLP & Insuralex, Trusted Legal Advisors for the (Re)Insurance Industry Richard Kissel Andrew Downs cc Carlos Sucre Levy Laura Manz Jose Luis Vega Meza David ROIG

We would like to thank all the insurance professionals that joined us today and attended our webinar. Special thanks too to #FIDES (Federación Interamericana de Empresas de Seguros) and to our speakers: - Jorge Claude President at FIDES - Carlos Sucre Levy President at Insuralex & Exclusive Member in Panama - Jose Luis Vega Meza Latin American regional leader at Insuralex & Exclusive member in Paraguay - Juan José López López Insuralex´s Exclusive member in Costa Rica - L. Alberto Balderas Insuralex´s Exclusive member in Mexico - Jorge Alexander Olivardía Insuralex´s Exclusive member in Panama - Gabriel Loli León Insuralex´s Exclusive member in Peru and also Claudia Vélez David ROIG Leonardo Jiménez Evans Laura Manz Andrew Downs #insurancelaw

Among the most recent updates in #insurance and #reinsurance law in #Colombia, particular attention is drawn to a recent ruling issued by the Bogota’s Court of Appeals. This ruling was presented in an article by our exclusive member Brigard Urrutia, in collaboration with our former president Lucas Fajardo Gutiérrez and his colleague Luis Alejandro Peña García.   On October 28, 2024, the Civil Chamber of the Bogota’s Court of Appeals resolved a dispute between (i) the policyholder, insured, and beneficiary of an automobile insurance policy and (ii) the insurer. The controversy arose after the insurer refused to pay the indemnity despite the occurrence and amount of the loss being proven. The insurer argued that payment required the beneficiary to demonstrate the transfer of ownership and cancellation of the vehicle’s registration in cases of total loss due to damage or theft.   In the first instance, the court of first instance ordered the insurer to pay the indemnity but exempted it from paying default interest. The Bogota’s Court of Appeals upheld the lower court’s decision to grant the indemnity and additionally ordered the payment of default interest, providing the following reasoning:   The court highlighted Article 1077 of the Colombian Commercial Code, which requires the beneficiary to prove only the occurrence of the loss and the amount of the damage. Additional conditions, such as transferring ownership or canceling vehicle registration, were deemed improper prerequisites for indemnity payment.   The court also found that the insurer’s refusal to pay the indemnity lacked justification, as the occurrence and amount of the loss were both proven and acknowledged during the claim process. Consequently, the insurer incurred default interest starting one month after the insured submitted the claim in compliance with Article 1080 of the Colombian Commercial Code. The court emphasized that the imposition of default interest is not automatic but depends on the insurer’s conduct and whether its refusal to pay was justified. In this case, the insurer had recognized the total loss and established the claim amount per the policy’s terms, leaving no valid reason for the delay. #insurancelaw