We mainly use Lloyds markets with whom we have a very good relationship and some conditions that work very well for Latin America. These conditions allow to place smaller risks with reduced premiums and lower limits. They also serve for large accounts as well, but if they are not of special interest, there are many more markets in Lloyds and in the Americas with whom we can negotiate any account.
As for the wording and insurance clauses, most accounts are managed according to PCA 94 or PCA 86 depending on whether it is based on occurrence or is claims-made.
The non-negotiable exclusion clauses are as follows:
- War/Civil war.
- Gradual contamination (unless this is placed together with civil liability with BRIT).
- We always include the LMA 3100 Sanctions Clause.
The basic information usually required for an insurance quotation is the following:
- Facturación de la empresa o valor del contrato de la obra si se trata de construcción.
- Period (It cannot be more than 18 months unless construction is involved or a "Long Term Agreement" is entered according to a clause we use.
- Losses incurred in the last five years. As to long-tail liability, it is necessary to know the history behind so that reinsurers can truly understand the risk and determine a suitable deductible while being as competitive as possible.
- If we are talking about construction, we need the property location to identify third party surrounding property.
- We can Employer’s Liability, but we need the number of employees and, if possible, their wages. To include vehicle liability, the number of vehicles is needed.
- We can also include liability of assets under care, custody and control, but this coverage is more limited and is usually included with a sub-limit.
This is the detailed list of insurance facilities related to Liability:
CIVIL LIABILITY DIVISION – APPLICABLE FOR LATIN AMERICA
|INSURANCE FACILITY||LEADING REINSURER||CAPACITY||COVERAGE|
|QBE CASUALTY||QBE (LLOYD'S SYN DCH 386)||USD 50,000,000||Third party property damage, employer’s liability, vehicle liability.|
|KILN BINDER||TMK (LLOYD'S SYN KLN 510)||USD 50,000,000||Third party property damage, employer’s liability, excess of liability, loss excess and environmental liability.|
|ARCH BULKING||ARCH (LLOYD'S SYN AAL 2012)||USD 20,000,000||Third party property damage.|
|AMLIN BULKING||AMLIN (LLOYD'S SYN AML 2001)||USD 20,000,000||Third party property damage / Errors and omissions.|
|ENDURANCE||ENDURANCE||USD 30,000,000||Third party property damage, employer’s liability, vehicle liability, excess of liability, loss excess and environmental liability.|
|BRIT BULKING||BRIT (LLOYD'S SYN BRT 2987)||USD 25,000,000||Third party property damage, employer’s liability, excess of liability, loss excess and environmental liability.|