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

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

We would like to thank our clients, members firms, friends and sponsors for they support and frienship over the last decades and beyond. Advanta Global Jose Miguel Varela Aon cc Carlos Sucre Levy Laura Manz Jose Luis Vega Meza Andrew Downs David ROIG #insurancelaw

We are glad to share the article: On the coverage of LEGAL DEFENCE INSURANCE, in cases of free choice and conflict of interest, according to the SUPREME COURT RULING of 14 July 2020, Rapporteur D. Eduardo Baena Ruiz. Special thanks to our Exclusive Member in #Spain BELZUZ ABOGADOS ESPAÑA and the author, JOSE GARZON GARCIA https://lnkd.in/eapG9mz3 #insurancelaw Enrique Belzuz Fernández Mikel Reyna Escalera Carlos Sucre Levy Laura Manz Jose Luis Vega Meza Andrew Downs David ROIG

So proud of our Latin American members! We are glad to share Chambers and Partners Insuralex´s members awarded “Law firm of the Year” and other important awards 2024: Insuralex #Colombia (Brigard Urrutia), recognized for the sixth consecutive time in Colombia. On top of that, Insuralex Colombia has been recognized as “Latin America Law Firm of the Year – 2024” Insuralex #Bolivia (MORENO BALDIVIESO), recognized for six years in a row in Bolivia and 11 times in the last 15 years. Insuralex #CostaRica (BLP), recognized for the tenth consecutive time in Costa Rica and the eleventh overall. Insuralex #Ecuador (Pérez Bustamante & Ponce (PBP)), recognized for the 15th time in Ecuador. Insuralex #Uruguay (FERRERE Abogados) recognized for the Client Service Award in Uruguay. Insuralex #Venezuela (D'Empaire) This award marks the 10th consecutive year the firm has received such recognition in Venezuela (and 13th time in total). The firm also received the Chambers’ Client Service Award in 2011 and 2014. At this milestone, we thank our clients, alumni, friends, and Chambers and Partners for recognizing our commitment to excellence over the last years and beyond. More info: #insurancelaw #insuralex Carlos Sucre Levy Jose Luis Vega Meza Laura Manz Andrew Downs David ROIG

Among the most recent updates in #insurance and #reinsurancelaw in #Colombia, particular attention is drawn to a recent ruling issued by the Medellin’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.   The Court addressed several key points, including: (i) the interpretation of ambiguous clauses in insurance contracts in favor of the insured, (ii) the restrictive interpretation of insurance contracts, particularly with respect to coverage and exclusions, and (iii) the classification of non-pecuniary damages paid to third-party beneficiaries as a pecuniary loss for the insured.

#FIDES (Federación Interamericana de Empresas de Seguros) in collaboration with #Insuralex organize a webinar related to the New Edition of the Report on #Insurance Regulatory Matters. The webinar also includes a presentation of the regulatory framework for the Prevention of Money Laundering. 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 For more information and registrations please follow the link: https://lnkd.in/dgHaVvHm cc Claudia Vélez David ROIG Leonardo Jiménez Evans Laura Manz Andrew Downs #insurancelaw