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Sahurie & Asociados | Chile | 17 Jun 2014

Is third-party direct action permitted under new insurance rules?

New regulations recently came into force in Chile regarding insurance, as part of the Code of Commerce. While processing this law, Congress debated whether these regulations should make provision for legal action taken by the victims against liability insurers, but did not confirm the matter. However, it has been suggested that the existing code implicitly contemplates legal action against......
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Sahurie & Asociados | Chile | 18 Feb 2014

Amendment modifies insured's duty to disclose information

Amendments to the Commercial Code regarding insurance contracts recently entered into force, thereby modifying the duties of the insured to disclose information in relation to risk. If an insurance contract has been agreed without the insurer requesting a declaration on the status of the risk, the insurer cannot make a claim in relation to errors, reluctance or inaccuracies on the part of the......
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Sahurie & Asociados | Chile | 3 Dec 2013

New obligation to disclose arbitrated judgments causes concern

For insurers, confidentiality is one of the main benefits of arbitration. Unlike in litigation, insurers that settle disputes through arbitration can avoid the creation of harmful precedents and ensure that settlements remain private. Until recently, insurers in Chile were assured of confidentiality by the country's two leading arbitration centres. However, this seems likely to change.
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Sahurie & Asociados | Chile | 24 Sep 2013

New regulations establish timeframe for paying insurance claims

New regulations for the adjustment of insurance claims recently entered into force. These provide the insured with extended rights and the regulator with additional powers. Loss adjusters are required to expedite the adjustment procedure, comply with a clearer duty to inform all parties to the insurance contract and be accurate with respect to technical details. A timeframe has also been......
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Sahurie & Asociados | Chile | 17 Sep 2013

New contract norms: gross negligence, causation and freedom of contract

Recent amendments to the Code of Commerce introduce new provisions on contracts of insurance, establishing that "the insurer is not bound to indemnify the loss originated by [intent to cause damage] or gross negligence". However, the provision adds that the insurer will nonetheless be bound to indemnify a loss originating from gross negligence if the parties have thus agreed.
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Sahurie & Asociados | Chile | 2 Jul 2013

Funds provision clause set to be amended

The use of a funds provision clause has been common in Chilean insurance contracts for some time. Under this clause, a direct insurer is liable to pay the insurance indemnity to the insured only when it has received the corresponding funds from reinsurers. However, following the introduction of a new provision in the Code of Commerce, insurance contracts can no longer be affected by......
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Sahurie & Asociados | Chile | 16 Apr 2013

Risks of equity arbitration in insurance matters: a paradigmatic case

In a recent ruling a well-known arbitrator controversially decided that his vision of equity should take precedence over the wording of an insurance contract. Under the bank's insurance policy, rural risks of all kinds were subject to prior approval by the insurer, which the bank had failed to obtain. However, the arbitrator admitted the bank's claim, deciding that the policy was not to be......
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Sahurie & Asociados | Chile | 5 Feb 2013

New regulation for loss adjustment procedures announced

The new regulations for loss insurance adjustments will come into force shortly and will take into account the impact on the insurance market of the February 2010 earthquake. The regulations have been updated in accordance with the increases in both the amount of insurance being taken out in the country and the amount of individual claims, and mainly refer to the duties of insurance companies......
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Sahurie & Asociados | Chile | 30 Oct 2012

Courts rule on burden of proof and non-disclosure of material information

The highest court in Chile recently established that the claimant must prove that its loss was accidental. The decision referred to life insurance cover, but its doctrine is applicable to all types of insurance. In a second case, the Court of Appeal of Santiago ruled on a breach of the insured's duty to disclose fully to the insurer all of the relevant aspects for the assessment of the risk.
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Sahurie & Asociados | Chile | 23 Oct 2012

Determination of quantum for claims for pain and suffering

In cases of death or injury, it is common for the injured party or his or her relatives to claim compensation for 'moral damages' (ie, pain and suffering experienced due to the injury or death). However, for many years the calculation of such damages has been difficult to predict. This situation may be about to change, as a statistical table is being prepared for reference purposes in......
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