Expertise - Insulaw International

Construction / Contractors’ all risks

AZSURE did intervene on behalf of the insurer of the occupants of industrial buildings destroyed as a result of one of the largest fires in Spain, who brought an action for recovery against the owners of the buildings. They were ordered to pay 42 million euros. They also intervened in defence of the insurers of an international industrial group that manufactured cables, which was sued as a result of a fire at an electrical substation. The electricity company that owned the substation filed a lawsuit claiming more than 30 million euros, and the claim was finally settled with the payment of 2.2 million euros.

Directors’ & officers’ liability (D&O)

ACUÑA, HOETZ & CIFUENTES has represented a U.S. insurance company in a lawsuit brought against a retailer and 19 former directors and officers of the firm, seeking a declaration of invalidity of a D&O policy. The insurance covered defense costs incurred by the company or its officers and directors. The claim was based on the fact that for the renewal of the policy, the company provided the insurance company with false and incomplete information about its net worth and financial status. The Supreme Court of Chile confirmed the nullity declared in the first instance by the Civil Court of Santiago and, subsequently, by the Court of Appeals of Santiago. This judicial process meant a saving for the insurer of a total of US$ 5 million.

AZSURE has represented the insurance companies of the administrators of one of the main banks in Spain, in the accusation of fraud, corporate crime and fraud, as a result of the falsification of the accounts of the entity, as well as the offer of misleading advertising in the prospectus of the issuance of preferred shares. This is a matter of wide repercussion in the Spanish public opinion. They also represented the reinsurers of a policy that insured the administrators of a public company in Seville, for alleged links with an alleged network of political corruption. The origin of this scandal was the detection of the granting of apparently fraudulent early retirements, the amount defrauded being approximately 721 million Euros.

Fraud & cyber

RPZ has represented insurers who were sued by their own insured - a multinational oil company - claiming "Defense Costs" incurred due to an administrative sanctioning procedure initiated by the Brazilian Securities and Exchange Commission, in the framework of the "Lava Jato" operation. In his ruling, the judge agreed with the insurer, and therefore, maintained the denial of coverage for "Defense Costs", in accordance with the provisions of the contracted policy (endorsement).

Professional indemnity

AZSURE regularly represent architects, lawyers, experts, surveyors and health and safety coordinators in compensation claims brought against them and their insurers, as a result of accidents at work, due to lack of safety measures. Azsure handles all types of claims, a ´bordereaux´ from their origin, until the final judicial resolution, if the matter is litigious.

Property / Energy

AZSURE advised the insurer of an international welding manufacturer in relation to the implications of a multi-million dollar claim against the insured as a result of the breakage of a giant gate during the construction of a hydroelectric plant located in the Spanish Levante region. Azsure has also represented an insurance company that had taken out an all risk policy for machinery breakdown, in a claim made by its insured, a multinational company that owned a wind farm in Mexico, as a consequence of the failures detected in 19 wind turbines. The claim was settled amicably under very favourable conditions for the insurance company.