INSURANCE CLAIMS IN MEXICO INSURANCE CONTRACT 1.Insurer shall be a company duly authorized to carry out business as an Insurer in accordance to Federal.

Slides:



Advertisements
Similar presentations
A GIA is a contract between a surety company and a contractor (or subcontractor)/principal. A GIA is a standard, typical document in the construction.
Advertisements

Objective Interpret the nature, theory, and different types of insurance INTRODUCTION TO INSURANCE.
THE ROLE OF INSURANCE REQUIREMENTS WITHIN AN ORGANIZATION By Aaron Hardiman, MBA, ARM.
A WHOLE NEW WORLD OF SETTLING CASES: PART II Donald Patrick Eckler December 23, 2013.
James Lea Property Supervisor
Protecting Your Assets Insurance for the Diplomatic Community Martin Koles Aquilan Worldwide Risk Management LLC 131 Alta Ave., Yonkers, NY ;
New Chilean Regulation of Liability Insurance Insurance Contract Act Statute Law Nr – May 9th, 2013 Under a Project written by Prof. Osvaldo Contreras-Strauch.
The Office Procedures and Technology
DUE PROCESS DEVELOPMENTS IN TERMINATION AND GRIEVANCES.
Cash Control and Banking Activities
16.1 Civil Cases.
Q UINCY COLLEGE Paralegal Studies Program Paralegal Studies Program Litigation and Procedure Discovery: Overview and Interrogatories Litigation and Procedure.
Insurance Law CHAPTER 19.
1 PROCEDURAL DUE PROCESS. 2 Texas Education Agency provides Notice of Procedural Safeguards Rights of Parents of Students with Disabilities Download this.
ORM Property Claims Blanket Property Boiler & Machinery Employee Bonds Crime Policy Bridge Property Damage.
Topic 11. Insurance Policy Provisions BUS 200 Introduction to Risk Management and Insurance Jin Park.
6. Legal Principles in Insurance Contracts BUS 200 Introduction to Risk Management and Insurance Fall 2008 Jin Park.
Topic 9. Insurance Policy Provisions BUS 200 Introduction to Risk Management and Insurance Jin Park.
Per Anders Eriksson
L IABILITY I NSURANCE, R ISKS ON THE J OB Marshall Wolff James E. Egbert May 14, 2014.
Risk Management Overview with Meg Tully, CAE Meg Tully, CAE Association Development Director.
Chapter 7: Inspection, Claim, Arbitration and Force Majeure Abstract: This chapter mainly introduces inspection, claim, arbitration, force majeure and.
IDEA 2004 Procedural Safeguards: Legal Rights and Options Mississippi Association of School Superintendent Spring, Mississippi Department of Education.
Chapter 381 The Contract The Insurance Contract The Application Duties of Parties Statutory Provisions Generally part of contract by express stipulation.
Hüseyin Arslan, LLM Legal Counsel ERGO Turkey. Hüseyin Arslan, LLM. “Insurance Arbitration [Turkish Practice]”  Insurance litigation in Turkey has long.
Fiduciary Responsibility Handling of Union Funds By AFGE Local Officers.
Management and the state registration of the enterprise.
Crucial Clauses in Complex Supply Agreements AIJA Half Year Conference 2015 – Antwerp Moritz Maurer.
Insurance Take Charge of Your Finances G1.
A special presentation for the WMTA By: Jonathan Alvarez Public Registry of Vehicles (REPUVE) Registry of vehicles imported under temporary regime.
End Use and User of Ammunition AT05 Slide 1. Types of End Use Documents  End User Certificate (EUC)  Delivery Verification Certificate (DVC) AT05 Slide.
1 Ensuring the protection of bidders’ rights.  The Federal Law of № 94-FZ "On placing orders for goods, works and services for state and municipal.
13 - 1Copyright 2008, The National Underwriter Company Business Liability Issues in Insurance  What is it?  Business liability is the risk exposure that.
CIPC Webinars Change of Close Corporations Members Prepared by: Vuyani Nkohla.
General Condition THE EMPLOYER Construction Law Supervised By : Dr. Kamalain Shaath Prepared By : Eng. Fawzy El.farra.
FleetBoston Financial HIPAA Privacy Compliance Agnes Bundy Scanlan Managing Director and Chief Privacy Officer FleetBoston Financial.
Mental Capacity Act Practitioners Forum Amendments to The Court of Protection made in 2010.
Chapter 16.1 Civil Cases. Types of Civil Lawsuits In civil cases the plaintiff – the party bringing the lawsuit – claims to have suffered a loss and usually.
Bank guarantees or letters of guarantee Know the letter of guarantee or bank guarantee is a written undertaking by a Bank, usually at the request of the.
Presented By: A document prepared by promoters After the formation of company To take capital by issuing shares Data regarding Company’s policy.
ARC 807: Professional Practice and Procedure Department of Architecture, Federal University of Technology, Akure, Nigeria ARC 807: Professional Practice.
Unit 9 Seminar Business Organizations. Things to do this unit: UNIT 9 – Read Chapter 13 and 14 – Respond to the Discussion Board – Attend the Weekly Seminar.
Fool me twice… Shame on Me Metro Toronto Convention Centre February 2, 2010.
What Is Employment? Compare employee with agent and independent contractor Differences: Control test - Degree of control exercised over an employee is.
Cash Control and Banking Activities Making Accounting Relevant Businesses deposit all cash and checks into a bank account and make payments using checks.
Practice of International Trade – The Prevention and Settlement of Disputes Chapter 4-6
27-1 Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin.
12 - 1Copyright 2008, The National Underwriter Company Business Automobile Insurance  What is it?  Business automobile insurance  Covers losses due.
Damages for Late Payment of Insurance and Reinsurance Claims Mexican Legal Framework AIDA Europe, Reinsurance Working Group, Paris 2 December, 2015 Yves.
Cabotage Law Republic Act No A Lecture in SEMFILA Ly, Jason.
Change Orders, Extras and Claims Presented by Geoffrey Cantello, City of Ottawa.
Lecturer: Lina Vladimirovna Zhornyak, associated professor.
JEFFREY L. HUNTER SR RISK ANALYST County of Riverside Human Resource Dept. Risk Management Div. Insurance Requirements In Contracts.
HOW TO PROTECT YOUR INTEREST IN A SALE CONTRACT Focus on what you “get” when you sign!
Presented by: Sharon Pender Louisiana State PTA Treasurer.
Debts Recovery in Romania. INTRODUCTION Recovering a debt can be a complex process everywhere, for every business, regardless of the industry. The Romanian.
1 Details of the Sword Contract Kick-off meeting Autonomous Province of Trento Trento, December 18-19, 2014 SWORD (School and WOrk-Related Dual learning)
1 GUKEYEH GUK’EH GU’SANI Kaska Dena Government Finance Act Prepared for Presentation to Annual General Assembly August 12, 13 and 14, 2008.
Risk Management.
Administration of a FIDIC Contract - Project Control
Civics & Economics – Goals 5 & 6 Civil Cases
UNCITRALThird International Colloquium on Public-Private Partnerships (PPPs) October 2017, Vienna Experts for Chapter IV October 2017.
Brian Bries, Area V.P.-Construction Practice Arthur J. Gallagher & Co.
SIMAD UNIVERSITY Keyd abdirahman salaad.
Cash Control and Banking Activities
Construction Contract Administration
POST-ISSUANCE COMPLIANCE
Understanding & Mitigating Risks in Contracts
Presentation transcript:

INSURANCE CLAIMS IN MEXICO

INSURANCE CONTRACT 1.Insurer shall be a company duly authorized to carry out business as an Insurer in accordance to Federal Regulations; 2.Insurance and Bonds Federal Commission (IBDC) is part of Mexican IRS, which regulates Insurance Matters, Permits and other related issues. * Consumers Protection issues are handled by CONDUSEF 3. Insurance Contracts are uniform contracts duly recorded before IBDC

REASONS TO GET INSURANCE IN MEXICO? (I) Comply with requirements of Landlord (if applicable) (II)Comply with requirements of Lender (III) Mitigate risks (IV) Comply with other contracts, JV, Agreements, etcetera.

General Conditions of Insurance Contract 1. Declaration Page: a. Data of Insured and/or Beneficiaries b. Term of the Insurance c. Premium and other expenses d. Type of Currency e. Total amount insured f. Data of Insurer and Co-Insurer (if applicable) g. Date and place of issuance h. Name of Insurance Package offered (if any) i. Policy Number j. Signature of Insurer’s official

General Conditions of Insurance Contract 1. Declaration Page: k. Type of coverage and amounts insured: * Natural Disasters * Fire on buildings * Fire on Contents * Consequential Losses * Theft * Machinery breakdown * Electronic Equipment breakdown

General Conditions of Insurance Contract 1. Declaration Page: m. Detail of Risks: Location of Facilities and Coverage for each location including deductibles n. Summary of Special Conditions Endorsements Others

INSURANCE CONTRACT General Clauses to be aware of: 1.Definitions 2.Co-Insurance (if any) and percentage of participation * Verify if Co-Insurer is duly registered before IBDC 3.Amounts insured and deductibles 4.Exclusions 5.Currency Type 6. Procedures for Insurance Claims

PROCEDURES FOR INSURANCE CLAIMS 1.Generally, the procedures are defined under the Insurance Contract. 2. Typical procedure: a) Obligation: Insured is bounded to carry out all acts require to prevent or reduce damage. Sanction are provided under Federal Insurance Contract Act (reduction of indemnification or even lost of indemnification. b) Notice of Event: Insured is bounded to provide notice of event occurred within 24 hours after knowledge of event, except if force majeure or Acts of God occur. (reductions may apply if notice is not provided in time)

PROCEDURES FOR INSURANCE CLAIMS c) File criminal complaint before State Public Prosecutor to initiate investigation, in any case other than natural disaster. Certified copies may be required by Insurer. d) Movement of goods: Insured is entitled (generally without providing notice to Insurer) to move goods to other uninsured facilities, in order to protect them from further loss or damage. * Recommendation: Carry out a certification of facts through Notary Public, whereby it is witnessed the conditions of all goods, buildings and other properties after the event (when is safe), and procedures performed during movement of goods.

PROCEDURES FOR INSURANCE CLAIMS e) Documents, data and reports to be provided: Insured shall prove accuracy of claim. Generally documents to be provided are: i. Statement of damages caused, including detailed list of goods destroyed, lost or damaged, and also amount of damage, taking in consideration the value of the goods at the time the event took place ii. List of all insurances contracted on goods (mandatory under law) iii. All drawings, projects, books, receipts, invoices, minutes and any other document needed to support claim iv. All data related to the origin and cause of damage, including certified copies of investigations practiced by Public Prosecuting Agency or any other authority with jurisdiction (Fire Fighters Department).

PROCEDURES FOR INSURANCE CLAIMS f) Expert Witness Opinion: Is used in case Insured and Insurer do not reach an agreement with respect total amounts of losses or damages. Both parties are generally entitled to designate an Expert Witness by each side. Both expert witnesses will appoint a third one, in case both expert witnesses arrive to different conclusions. Each party bears its expert witness expenses. g) If no exclusions are applied by Insurer, it will pay indemnification according to mutual agreement reached by insurer and insured or conclusions from Expert Witnesses.

OTHER TASKS TO BE CONSIDERED A)Firefighters Department.- Follow up investigation of cause of event (fire). Municipal Government may impose fines for environmental damages caused, or for lack of security measurements. B) Customs.-In case that goods (raw materials, equipment, etc.) DESTROYED and located in your facilities are under a Temporary Import Entry Permit, your Company shall: i.Provide written notice to Customs Authorities about event occurred including: * Description of machinery, equipment and raw materials that were lost, import permit number and invoice; * Certified copy of public prosecution investigation/fire fighters (in case of a fire) * Notice to be provided within next 2 days after the following date of event.

OTHER TASKS TO BE CONSIDERED INSURER’S DEFAULT A)First, Insured shall file an action before CONDUSEF (National Commission for Protection of Financial Services Users’ Rights) * Appear to mediation hearings * If both parties agree, they may submit case to arbitration (not mandatory) B) If no arrangement is reached, Insured then may be entitled to file a lawsuit against Insurer before courts in jurisdiction appointed under the Insurance Contract.

Thank you!! Jonathan Alvarez Associate Attorney LLM in Comparative Law University of San Diego School of Law (Student)