We are advising Pacifico Compañía de Seguros y Reaseguros SA, member of Grupo Credicorp and biggest insurer in Perú, in a judicial process of declaration of coverage and civil liability initiated by Empresa de Generación Eléctrica Río Baños SAC and Sindicato Energético SA. In this process, the plaintiffs are requesting a compensation for a total of USD 45’000,000.00, plus interests.
The dispute focuses on the determination of the possibility of partial insurance adjustments, which for us contravenes current insurance legislation. Our position is structured in an agreed application of the insurance legislation, since one of the requirements to activate the policy coverage has not been verified. Also, we will prove that the alleged damages were not covered by the policy, since they were caused by an engineering design error and that what is actually sought is an illicit enrichment. Additionally, Pacífico Compañía de Seguros y Reaseguros SA filed a counterclaim asking for the restitution of the bona fide money advance made after the damage was reported.
Our advice on the result of the process is crucial, because the amount under discussion was reported as an important fact to the Superintendence of Securities and Insurance and the success means maintaining the excellent rating (AAA) and reputation of our client. Likewise, our advice in procedural matters is the key because the substance of the controversy is largely probative.
