Jardine Lloyd Thompson Group plc
Seguros nas Parcerias Público-Privadas
Maio 2014
Índice
1-
A JLT
2-
PPP, Background
3-
As diferentes Perspectivas
4-
Princípios do Programa de Seguros nas PPP
5-
Estrutura do Programa de Seguros
6-
O Papel do Corretor de Seguros nas PPP
7-
A nossa expertise em Construção
Jardine Matheson Holdings
Fundada em 1832, a Jardine Matheson & Co (JM & Co) começa na cidade de
Canton na China, sendo a primeira empresa privada, em 1834, a exportar chá
para a Inglaterra, quando as Companhias do Leste da India perderam o
monopólio do comércio internacional.
Matriz em Hong kong - A Jardine Matheson
promoveu a fundação de Hong Kong em 1836
comprando os primeiros lotes de terras e iniciando
sua urbanização. Mr. Matheson foi primeiro
governador geral de Hong Kong(Tai Pan);
Amplo portfólio de empresas líderes de mercado em
engenharia, construção, transporte, comércio de
motor, propriedades, seguros, restaurante e hotel;
182 anos de existência;
Presença em mais de 130 países;
Aproximadamente 330.000 funcionários;
Faturamento em 2012 U$ 60,5 bilhões.
Jardine Lloyd Thompson
JLT – Jardine Lloyd Thompson é uma das mais importantes empresas especializadas em
Gestão de Riscos, Corretagem de Seguros e Resseguros e Consultoria em Capital Humano
de todo o mundo.
A JLT foi fundada em 1981. O Grupo Thompson passou a ser listado na Bolsa de Valores de
Londres em 1987 e está posicionada entre as 4 maiores corretoras de seguro e resseguro.
JLT Group em 2013:
Mais de 9.100 funcionários
Faturamento > USD 1,6 bilhão
> USD 10 bilhões prêmios colocados
Mais de 100 escritórios em 35 países
JLT Brasil Holdings
Fundada em 1989 no Brasil, a JLT conta com mais de 300 funcionários e 7 escritórios nas principais
cidades do país. Nossos profissionais possuem alto nível técnico e atuam de forma multidisciplinar,
buscando oferecer soluções inovadoras e diferenciadas para os nossos clientes.
Especializada em riscos corporativos, tornou-se líder nos principais segmentos de seguros e
resseguros. A Corretora também estrutura programas internacionais para empresas brasileiras que
atuam no exterior, através dos escritórios da JLT presentes em mais de 135 países.
Maior Broker de Resseguros no Brasil;
Experiência local com expertise global em
todos os ramos de Resseguros, Seguros,
Benefício e Consultoria.
Filiais: São Paulo, Rio de Janeiro, Salvador,
Recife, Fortaleza, Curitiba, Vitória e Belo
Horizonte;
Volume de prêmio emitido em 2012:
*Seguros: R$ 400 milhões
*Resseguros: R$ 700 milhões
2- Background
Origem
- Anos 90 no Reino Unido: O governo conservador quer uma maior
participação do setor privado na prestação de serviços públicos
- Reduzir a utilização dos recursos públicos a cambio de uma
concessão por período de 25-30 anos
Serviços nas PPP
- Aquisição de um serviço pelo setor privado, vs. aquisição de ativos
- Rodovias, Prisões, Hospitais, Escolas, Energia, Transporte, etc.
Legislação favorável
- Lei Federal 11.079/2004 (30 dezembro 2004) . Introduz o modelo
PPP no marco jurídico Brasileiro
- Hoje, pelo menos 11 dos 26 estados tem normativa em matéria PPP
3- As diferentes Perspectivas
Contrato de Acionistas
Contrato
Financiamento
Contrato de
Construção
Contrato de
Concessão
Contrato de O&M
Apólice(s) de Seguro(s)
3- As diferentes Perspectivas
Maior Risco que na contratação tradicional
- Financiamento sem recurso:
empréstimo garantido apenas com as rendas esperadas do projeto
e os ativos
Maior Controle da Estrutura
- Verificar que os interesses das diferentes partes do projeto estão
cobertos corretamente
- Ter apenas um interlocutor para todos os Riscos... SPE
Maximizar a Transferência de Riscos
Desafio para o Mercado de Seguros
- Coberturas mais Amplas que o standard
Garantir a prestação do Serviço Público
4- Princípios dos Seguros nas PPP
Apólices mais abrangentes
- Vamos ter que trabalhar em muitos casos com Apólices a Medida
Incerteza dos custos durante a Concessão
- O Mercado de Seguros e cíclico.
- Concessões de 25-30 anos
Requerimentos para os Seguros
- Contratos do Projeto: Financiamento, Construção, O&M...
- Due Dilligence: Satisfação dos interesses dos Financiadores
Condição para o Fechamento Financeiro
- Due Dilligence
5- Programas de seguros PPP
Fornecimento
Construção
Exploração
Transporte
(project cargo)
Delay in Start-Up
Riscos de
Engenharia
Risc. Operac. +
Quebra Máquinas
Delay in Start-Up
Responsabilidade
Civil
RC do
Empregador
Interrupção de
Negócios
Responsabilidade
Civil
RC do
Empregador
Sabotagem e
Terrorismo (+DSU)
Sabotagem e
Terrorismo (+BI)
5- Programas de seguros PPP
Perdas de Receita
- Para todas as fases do projeto: Transporte (DSU), Construção (DSU)
e Operação (Interrupção do Negocio)
- Conceito a ser segurado: igual ou superior ao Serviço da Dívida
esperado acrescido dos custos fixos para a continuação da exploração
5- Programas de seguros PPP
Cláusulas de Proteção
dos interesses dos
Financiadores
- Loss payee
- Severability of interests
- Error and omissions
- Notification
- Non cancellation
6- Papel do Corretor nas PPP
6- Papel do Corretor nas PPP
compreensão
detalhada do setor
PPP e das
necessidades do
SPE
uma equipe dedicada de
pessoas com experiência
ter força de negociação,
não apenas frente as
seguradoras
6- Papel do Corretor nas PPP
Desenho de uma apólice “a medida” com base em:
- Coberturas mais abrangentes
- Os seus requerimentos contratuais
- O seu apetite pelo risco
Serviços durante a fase de pré-construção:
- Analise dos principais contratos do projeto
- Assessoria na alocação do risco e sua segurabilidade
- Desenho dos seguros atendendo os requerimentos (governo e
financiadores)
Serviços durante a fase de construção:
- Desenho de manuais para sinistros
- Acompanhamento das reuniões de Gerenciamento de Riscos e sinistros
- Assessoria nas reclamações no caso de sinistros
6- Papel do Corretor nas PPP
6- Papel do Corretor nas PPP
compreensão
detalhada do setor
PPP e das
necessidades do
Governo
uma equipe dedicada de
pessoas com experiência
Apoio na elaboração dos
requerimentos nos editais
e contratos
6- Papel do Corretor nas PPP
6- Papel do Corretor nas PPP
compreensão
detalhada do setor
PPP e das
necessidades dos
Financiadores
uma equipe dedicada de
pessoas com experiência
avaliação do programa de
seguros, antes do
fechamento financeiro
6- Papel do Corretor nas PPP
JLT tem uma extensa experiência em PPP, tendo
atuado em mais de 350 projetos fechados, tanto
como broker e como assessor.
Temos uma equipe dedicada desde 1995 para
atender as necessidades dos nossos clientes em
PPP.
A equipe tem amplo conhecimento de PPP
durante as fases de construção de licitação, e
exploração dos projetos.
Seguros para a fase de Construção
JLT
Construction
•Maior Corretor
•25 aniversario
•Network Internacional
Para quem
trabalhamos
•Empreiteiras e Proprietários
•Governo
•Financiadores
Prêmios
anuais
Atuamos
durante a
PPP / PFI
•Mais de USD 50 milhões no Brasil
•Mais de USD 600 milhões Mundial
•Negociação e colocação
•Redação da apólice (Taylor Made)
•Sinistros
•> 350 projetos (> USD 30 bilhões)
•Time dedicado desde 1995
•Fases de Licitação-Construção-O&M
Experiência 5 últimos anos
Valores totais dos Projetos (USD) segurados a través da
JLT:
$21 bilhões
América do Norte
$73,5 bilhões
Europa
$50 bilhões
Médio Oriente
$45 bilhões
América Latina
$9,5 bilhões
África
$45 bilhões
Ásia
$8 bilhões
Austrália
Projetos Construção no Brasil
Projeto: Brasil Terminal Portuário
Descrição: Remediação e construção do Terminal Portuário
Período: > 38 meses
Valor: U$ 603 milhões
Projeto: UHE Belo Monte
Descrição: Usina Hidrelétrica com Capacidade de 11.233,1 MW
Período: 96 meses
Valor: R$ 20 bilhões
Projeto: Aços Longos
Descrição: Construção dos Trecho 1 e Trecho 2, com extensões de 13,06 e 11,48Km
Período: 51 meses
Valor: R$ 2,6 bilhões
Projeto: Etanolduto Paulínia - Ribeirão Preto
Descrição: Etanolduto de aprox. 208 km, incluindo centro coletor
Período: > 20 meses
Valor: R$ 798 milhões
Contatos
JLT Brasil Corretagem de Seguros
Av. Paulista, 854 – 5º andar
São Paulo – 01310-913
Telefone: 55 11 3156-3900
JLT Re Brasil Corretagem de Resseguros
Av. Beira Mar, 200 – 8º andar
Centro - Rio de Janeiro – 20021-060
Telefone: 55 21 2220-2970
Nossos Valores
Colaboração.
Agilidade.
Rigor.
Reconhecemos que nossos
colaboradores são os
motivadores do nosso
sucesso.
Pensamos rapidamente,
movimentamos prontamente
e agimos decisivamente.
Trabalhamos com integridade
e disciplina, defendendo o
que acreditamos.
A JLT trabalha e se desenvolve
em um ambiente de constantes
e rápidas mudanças. Um dos
pilares de nosso sucesso é a
nossa capacidade de rápida
mudança e de pensamento ágil
e criativo, atendendo as reais
necessidades dos nossos
clientes.
O que realmente importa para a
JLT é fazer o que é certo – para
nossos clientes, colaboradores,
parceiros e sócios.
Nossos colaboradores trabalham
juntos no “time JLT”
compartilhando conhecimento,
solucionando problemas e
levando as melhores soluções
para os nossos clientes.
Jardine Lloyd Thompson Group plc
Seminário PPP | Seguro Garantia
Maio 2014
Seguro Garantia
Investidores
Governo
Empresa
EMPRESA
Financiadores
Construção
(EPC)
Mercado
Segurador
Operação e
Manutenção
INSURANCE
BROKERS
Seguro Garantia
Conceito
Governo
Empresa
Partes
• Tomador: Empresa Privada, Consórcio ou SPE
• Segurado
Modalidades
• Bid Bond
• Performance Bond e/ou Concessão
Contratos
• Edital
• Contrato Principal
• Apólice
Legislação
• Circular SUSEP nº 477/2013
• Lei 8.666/1993
Seguro Garantia
Conceito
Investidor
Empresa
Partes
• Tomador
• Segurado
Modalidades
• Performance Bond
• Garantias Financeiras
Contratos
• Contrato Principal
• Estudo de Viabilidade Econômica do Projeto
• Apólice
Legislação
• Circular SUSEP nº 477/2013
Seguro Garantia
Conceito
Partes
• Tomador
• Segurado
Financiador
Empresa
Modalidades
• Completion Bond
• Garantias Financeiras
Contratos
• Edital
• Contrato Principal
• Contratos de Financiamento
• Estudo de Viabilidade Econômica do Projeto
• Apólice
Legislação
• Circular SUSEP nº 477/2013
Seguro Garantia
Conceito
Partes
• Tomador
• Segurado
Empresa
Construtor
e
Fornecedor
Modalidades
• Performance Bond
• Fiel Cumprimento
• Perfeito Funcionamento
Contratos
• Contrato Particular entre as Partes
• Apólice
Legislação
• Circular SUSEP nº 477/2013
Seguro Garantia
Conceito
Partes
• Tomador
• Segurado
Empresa
Operação e
Manutenção
Modalidades
• Performance Bond
• Fiel Cumprimento
• Perfeito Funcionamento
Contratos
• Contrato Particular entre as Partes
• Apólice
Legislação
• Circular SUSEP nº 477/2013
Seguro Garantia
Conceito
Partes
• Tomador
• Seguradora
Empresa
Mercado
Segurador
Direitos & Obrigações
• Tomador
• Seguradora
Contratos
• Contrato de Contragarantia
Isenção de Responsabilidade
Direito de Sub-rogação
Legislação
• Circular SUSEP nº 477/2013
Seguro Garantia
Mercado
BROKER
Segurador
Relevância do Broker
• Governo
• Investidores
• Financiadores
• Construção Civil
• Operação & Manutenção
• Mercado Segurador
Partes
• Tomador
• Segurado
• Seguradora
Negociação com o Mercado
• Fase Cadastral
• Subscrição preliminar de riscos
• Administração das fases do projeto
Contatos
JLT Brasil Corretagem de Seguros
Av. Paulista, 854 – 5º andar
São Paulo – 01310-913
Telefone: 55 11 3156-3900
JLT Re Brasil Corretagem de Resseguros
Av. Beira Mar, 200 – 8º andar
Centro - Rio de Janeiro – 20021-060
Telefone: 55 21 2220-2970
Nossos Valores
Colaboração.
Agilidade.
Rigor.
Reconhecemos que nossos
colaboradores são os
motivadores do nosso
sucesso.
Pensamos rapidamente,
movimentamos prontamente
e agimos decisivamente.
Trabalhamos com integridade
e disciplina, defendendo o
que acreditamos.
A JLT trabalha e se desenvolve
em um ambiente de constantes
e rápidas mudanças. Um dos
pilares de nosso sucesso é a
nossa capacidade de rápida
mudança e de pensamento ágil
e criativo, atendendo as reais
necessidades dos nossos
clientes.
O que realmente importa para a
JLT é fazer o que é certo – para
nossos clientes, colaboradores,
parceiros e sócios.
Nossos colaboradores trabalham
juntos no “time JLT”
compartilhando conhecimento,
solucionando problemas e
levando as melhores soluções
para os nossos clientes.
Jardine Lloyd Thompson Group plc
Treinamento PPP
Maio 2014
PPP Project Insurances
Nick Smith, Partner, JLT Specialty
and
Carlos Romero, Placement Director, JLT Brasil
Who we are
JLT is one of the world’s largest providers of insurance,
reinsurance and employee benefits related advice, brokerage and
associated services.
Our client proposition is built upon our deep specialist knowledge,
client advocacy, tailored advice and service excellence. Together,
we place our clients first, champion independent thinking and
expect to be judged on the results we deliver.
The value we create is driven through the personal determination
of our 9,100 highly motivated and skilled people.
Where we operate
JLT has offices in 39 territories with some 9,100 employees supported by the JLT International Network
enabling us to offer risk management and employee benefit solutions in over 135 countries.
Subsidiaries
Australia
Bahrain
Barbados
Bermuda
Brazil
Canada
Chile
China
Colombia
Denmark
Finland
France
Germany
Guernsey
Hong Kong
India
Indonesia
Ireland
Japan
Macau
Associates
Austria/Central & Eastern Europe
France
Italy
Mexico
Spain
Our Mission, Strategy & Values
Mission
Strategy
Values
Client First
The five elements of our strategy balance the interest of our
clients, our employees, our trading partners and our shareholders.
We act in our clients’ best
interests and bring the
best of JLT to all of our
clients
Focusing and
growing in
specialist
areas
• Focusing and growing in specialist areas within
our existing operations where we can offer
distinctive products , services and independent
choice.
Our people work together as
One JLT to share knowledge,
solve problems and deliver the
best solutions for our clients
Building our
international
reach and
relevance
• Building our international reach and relevance,
especially in the world’s high growth economies,
to better meet the needs of local multinational
clients and trading partners.
Agility
Improving
our efficiency
and
effectiveness
• improving the way we work and serve clients
Providing a
distinctive
working
environment
• Providing a distinctive, entrepreneurial and
Operating
collaboratively
as One JLT
• Operating collaboratively as One JLT to bring
Independent
We advise our clients without
influence or bias and value
innovation and creativity
Results Based
We expect to be judged and
rewarded on our
performance
through innovation and by investing in the
efficiency and effectiveness of our people,
systems and processes.
results-based work environment that attracts,
develops and retains the best individuals.
the best of JLT to our clients and trading
partners anywhere in the world.
Collaboration
Our entrepreneurial drive
gives us the freedom to take
on new challenges, think
creatively and capture
opportunities that others
cannot.
Rigour
Our work is thorough and
our solutions robust,
because it really matters to
us to do what is right – for
our clients, our people, our
trading partners and our
investors.
What we do –Risk & Insurance
Advice and
Consultancy
•
•
•
•
Brokerage
and
placement
• Acting as intermediaries with insurers/
reinsurers all over the world
• Using our specialist knowledge to negotiate best
terms for our clients
Access to
specialist
insurance
products
• Providing our clients with access to facilities and
products through bespoke agreements with
insurers
Other services
• Providing a range of related services to clients
and market counterparties such as captive and
claims management
Advising our clients on their risk requirements
Ensuring they understand their potential risks
Allowing clients to make informed decisions
Providing capital raising and corporate financial
advice
Working in partnership with
clients to manage the key
risks they face, JLT acts as
their intermediary with
insurers and reinsurers as
well as providing related
risk management,
analytical, advisory and
other administrative
services.
What we do – Employee Benefits
Pension
and
retirement
services
• Providing services to pension trustees and
corporate sponsors
• Actuarial and risk transfer consultancy
• Independent trustee services
• Members communications
Health and
benefits
• Providing advice on and implementing
employee health and benefit programmes
• Placing of health and benefit programmes
• Using JLT’s online integrated platform BenPal to
manage programmes
Investment
services
• Advising on investment and discretionary
management of assets for high-net-worth
individuals and pension schemes
Wealth
management
• Offering advice and support to high-net-worth
individuals on holistic financial planning
• At retirement support and life protection
planning
JLT offers a comprehensive
range of employee benefits
advice and services from
pensions consultancy and
administration to employee
healthcare, wellness and
protection and from
investment consultancy and
discretionary fund
management to individual
wealth management.
Our major shareholders*
% Held
Jardine Matheson
40.1
MFS Investment
Management 7.0
Employees,
Trusts & Directors 3.7
Silchester 3.0
Jardine Matheson 2013 Results
Ameriprise Financial Inc 3.0
Gross Revenue*
Underlying PBT*
Employees
Market Cap
US$61,380m
US$4,600m
390,000
US$40,766m
*includes 100% of revenue from associates and joint
ventures
*As at February 2014
JLT from a client’s perspective
Top 5 selection criteria when choosing a broker
Ranking
JLT
Marsh
Aon
Willis
1)
Understanding the clients business and needs
8.286
8.125
7.864
7.619
2)
Standard of client service
8.357
7.600
7.705
7.571
3)
Policy wording advice and capability
8.500
7.950
7.977
7.143
4)
Proactivity
7.357
7.075
7.136
6.667
5)
Sector knowledge
9.000
8.050
7.864
7.905
November 2011
2013 Financial
2013 full year
2012 full year
Total revenue*
£979.2m
£880.1m
Underlying
trading profit**
£185.4m
£160.4m
Underlying profit
before tax**
£177.4m
£161.7m
Reported profit
before tax
£154.6m
£156.8m
* Total revenue comprises fees, commissions
and investment income
** Underlying results exclude exceptional
items
2013 Revenue by Division and Location of Client
Risk & Insurance revenue
£719.4m
Employee Benefits revenue
£255.2m
UK
35%
Americas
25%
Australia & New Zealand
15%
Asia
15%
Europe
8%
Rest of world
2%
JLT Specialty Limited
• JLT Specialty Limited
• wholly owned
• 20% of the Group
• 900+ staff
• Financiers’ insurance due diligence team
• 8 staff
• Part of construction and real estate division
•
•
•
Well over 400 mandates undertaken by current team
members collectively
All sectors (Infrastructure, Natural Resources, Energy,
Process Industries, Petrochemicals, Power &
Renewables)
PPP, PFI
Projects and Insurance
Insurance Due Diligence Overview
•
•
•
•
•
Review Project Risks
Review Project Agreements to understand insurance
and risk allocation
Set out Insurance requirements
Insurances to be controlled by Project
Assess adequacy of project insurance to cover
project risks
Risk Factors
•
•
•
•
•
Non Political Force Majeure
(Earthquake, Storm, Flood, F,L,EX, A)
Political Force Majeure
(S&T, SRCC, Munitions, War)
Non Force Majeure
(accidental damage, breakdown, defective design,
plan specification or workmanship etc)
Design Risk Interfaces
Estimated Maximum Losses
Insurance Participants in a PPP/Project Financing
Lenders Insurance Adviser
LENDERS
Insurance Adviser
Interest &
Repayments
Loans
Investors/
Sponsors
Unitary
Payment
AUTHORITY
Dividends
Capital
Facility Services
SPV
Building Contract
O&M Contract
Insurance Broker
Construction
Claims
Premium
Operation and
Maintenance
Insurers
Insurance Adviser
Insurance Adviser
Material Project Insurance
Revenue
Consequential loss:
Delay in Start-up / Advance Loss of Profit
Business Interruption Insurance
Asset
Material Damage:
Construction Erection “All Risk” /
Property Damage/Industrial “All Risks” Insurance
Liability
Third Party Public Liability Insurance
Asset Insurances - CAR/MD
Cost of reinstatement following physical
loss or damage
Additional coverage includes:
•Temporary repairs
•Shoring up
•Debris removal
• Plans and documents
• Professional fees
• Authority requirements
• Inflation on incomplete works
• Inflation on reinstatement value
• Expediting expenses
• Additional Costs of Completion
Marine Cargo Insurance
Revenue Insurances DSU (ALOP)/BI
• Protecting SPV loss of Gross Revenue less variable costs
i.e. to cover fixed costs & debt service? (Sustained loss)
• Key issues:
• CAR or MD policy triggered
• SPV and Financiers interests only
• Indemnity Period
• Deductible
• Suppliers’ and Customers’
Construction Phase Insurances
Core Construction Insurance Range
Annual
•
•
•
•
•
•
•
•
Construction All Risks
Erection All Risks
Employers Liability
Public Liability
PI
Plant and Equipment
Motor
Ancillary Property
Project
•
•
•
•
•
•
Construction All Risks
Erection All Risks
Delay in start up
Public Liability
Project PI
Cargo / Cargo DSU
Non Core Construction Products
•
•
•
•
•
•
•
Latent Defects
Environmental
Efficacy / Force Majeure
Liquidated Damages
Defective Title
Archaeological Discovery
Performance Bonds
Construction All Risks
• Sum insured based on estimated
construction contract value
• Limits for natural perils
• Defects in design cover
• Terrorism excluded
• Period of insurance and defects liability
period
Delay in Start Up
•
•
•
Covers delay in the completion of the Project
resulting from event insured by CAR Insurance
Minimum Sum Insured – Debt Service and Fixed
Costs
Points to consider:
• Max delay exposures – Indemnity Period
• Contingent delay cover (loss damage to
third party facilities e.g. Suppliers and
Customers
• Waiting Period
Third Party Liability
•
Project derived legal liability of the assured arising
from:
•
Third Party Property Damage
•
Third Party bodily injury
•
Best practice is covering all project parties (gives
comfort of quicker claims handling)
•
Key project extensions:
•
Cross liabilities extension needed
•
Contractual Liability should be included
Marine Insurance
• Covers materials for incorporation in
construction project
• Includes transits by sea, air or land
• Includes war, strikes, terrorism and
piracy
• Sum insured based on maximum value
any one consignment
Terrorism and Political Violence
•
•
•
•
•
Excluded under policies in Brazil
Can be covered by a separate policy
Global market capacity has increased
Limits are aggregated
In some countries provided by Government
e.g. France and Spain
• Other countries available from insurers but
supported by reinsurance from a government
backed facility e.g. UK and USA
Project Company Control
Why not Contractor or supplier?
•
Procurement issues:
•
Replication of Insurance Requirements from Loan
Agreement into Contract (including counterparty
ratings) - Time consuming, painful;
•
Negotiating scope of cover, policy wording, lender
clauses via Contractor’s brokers etc – Time
consuming, painful, delay FC;
•
Cost control – highly problematic;
•
Can these be overcome?
Operational Phase Insurances
Property Damage
• “All Risks” cover is respect of loss or damage
• Terrorism cover excluded
• Sum insured can be based on Estimated
Maximum Loss
• Machinery Breakdown
• Inner limits for natural perils, riot, strikes and
civil commotion
Business Interruption
• Covers loss of revenue resulting from
event insured by Property Damage
Insurance
• Min Sum Insured – Debt Service and
Fixed Costs
• Points to consider:
• Max delay exposures – Indemnity Period
• Contingent delay cover (loss damage to third
party facilities e.g. Suppliers and Customers
• Waiting Period
Third Party Liability
• Covers legal liability claims for:
• Death of bodily injury to third parties
• Loss of or damage to third party property
• Limit will be based on location of
Project and risk exposures
• Need to understand proximity of third
party risks
• Products Liability
• Pollution and Contamination
Compulsory Insurances
Compulsory Insurances in Brazil
•
Motor third party injury liability.
•
Third party injury liability for owners of marine hulls of all types.
•
Bodily injury to commercial aviation passengers (civil liability).
•
Civil liability for owners of airplanes.
•
Workers' compensation (state scheme).
•
Civil liability for construction contractors in urban zones for damage to people or
property.
•
Assets granted as guarantee for loans or credit facilities of public financial
institutions.
•
Surety for performance of obligations of contractors and real estate developers.
•
Guarantee for payment by borrowers in construction projects.
•
Property damage to divided buildings (condominiums) in accordance with Law No
4.591/64.
Compulsory Insurances in Brazil
•
Insurance against fire and transportation of goods owned by corporate entities
located in Brazil or transported therein.
•
Third party liability for damage to cargo transported by land or sea, in accordance
with Law No 8.374/91.
•
Export credit insurance financed by government institutions, when deemed
appropriate by the CNSP, in accordance with Decree Law No 826/69.
•
Crop insurance for recipients of credit from the government's National Programme
to Strengthen Family Farming.
•
Personal accident insurance for professional sporting organisations.
•
Professional indemnity for reinsurance brokers.
•
Shipowners' liability against oil pollution.
•
Travel insurance for Brazilian visitors to Schengen states.
•
Green Card motor insurance requirement for vehicles travelling to other
MERCOSUR countries.
Unavailable Insurance
Uninsurability
• Difficult Test to pass
– Worldwide unavailability
• Prove that prepared to stop trading
• Risks vs Terms and Conditions
– Inner limits
– Deductibles
• Dependent on insurance schedule being robust –
standard form limits this schedule
• Unavailability references are simply a means of avoiding
default in the Project Agreement
Contract of Insurance
Structure of an Insurance Policy
Schedule
Insured parties
Period of insurance
Business and/or property insured
Deductibles
Sums Insured
Operative Clause
Exclusions
Extensions
Conditions (express terms, conditions
precedent, and warranties)
Breadth & Scope
•
•
•
•
Limits
Extensions
Exclusions
Deductible levels
As wide as is available “at reasonable and commercial
terms” but taking into account contractual and technical risk
mitigation (e.g. contractor creditworthiness and liquidated
damages regime).
Policy Wording is Key
• Standard wordings and exclusions need to be
challenged against project risks
• Information exchange and representation of risk
management is key to achieve broad form
placements
• Only possible if all parties buy-in
Implied Terms
• Contract of Utmost Good Faith
• The obligation on both parties to disclose all
MATERIAL information, otherwise the
contract can be avoided.
• Representation
• Facts have to be true, beliefs have to be in
good faith
• Warranty of Legality
• It is assumed the activities for which
insurance are sought are legal
Implied Terms
Contribution
Principle of indemnity is to compensate the insured and return them
to the position before the event insured against occurs. Double
recovery is therefore not possible. Some policies will state the
other policy is to be primary or require notice of the existence of
another policy.
Subrogation
Taking over the interests of the insured. The act of one person
stepping into the shoes of another so as to benefit from that party’s
rights of recovery against a third party (e.g. a defendant).
Insured to act as if Uninsured
An insured should not act any less prudently so as to cause or
exacerbate a possible claim simply because they are insured. The
insured should mitigate any possible loss. Failure to give notice of
a claim or settling a third party action without insurers consent may
invalidate a claim. Generally these terms will be expressly stated
in a policy.
Protection of Lenders’ Interests
Insurance Due Diligence
•
•
•
•
•
Financial security of selected insurance companies
Review of contracts to assess risks
Review of insurance cover
Dovetailing of the construction and operational
insurances;
Lenders Insurance Financiers’ interest
endorsements, non-vitiation etc
Financial Security of Insurers
•
International Lenders seek minimum rating
typically
•
•
•
Standard & Poor’s A-, or
A.M.Best A-
Otherwise seek reinsurance
Non-Admitted Insurance
Non-admitted insurance refers to the placing of insurance outside the
regulatory system of the country in which the risk is located. A
non-admitted insurance policy may be one that is issued
abroad or one in which the risk(s) may be included in a global
master policy by an insurer that is unauthorised in the country
in which the risk is located. An authorised insurer is one that
has been granted permission to do business in a country (or
region) by the local supervisory authority. The text below
describes the regulations that apply to non-admitted insurance
for this country.
Non-admitted insurance is not permitted because the law provides
that insurance must be purchased from locally authorised
insurers with some exceptions.
Non-Admitted Insurance - Exceptions
The following insurances are presently exceptions to the general
prohibition on non-admitted placements:
• insurance coverage not available in the Brazilian market (or
where there is a lack of interest in providing coverage)
• temporary insurance coverage for risks abroad when the insured
is an individual residing in Brazil (eg travel insurance)
• insurance subject to international treaties approved by the
Brazilian Congress (eg maritime agreements)
• insurances of hull, machinery and liability in respect of vessels
registered with the RBNA, according to Paragraph 2, Article 11 of
Law No 9432 of 9 January 1997 (in cases where the Brazilian
market does not offer prices compatible with the international
market)
• insurance legally placed abroad at the time when Law 126/07
came into effect.
Lenders’ Endorsements
•
•
•
•
•
•
Lenders as a Named Insured
•
Gives Lenders rights under the insurance policy
Separate Policy
•
Clarifying that each insured covered as if separate
cover in place for each
No duty of disclosure
•
Normal duties will exist for Borrower but not Lenders
Waiver of Subrogation Rights
•
Any rights the Insurer may have had against Lenders
(and Borrower) are waived
Policy to be Primary
•
Clarifying no contribution can be expected by the
insurer from other policies
Loss Payee
•
Payment of loss proceeds into required accounts
Lenders’ Clauses
Waivers
•
•
•
•
•
Waivers of rights of subrogation (including vitiating acts?);
Waiver of rights of offset;
Waiver of duty of disclosure (Finance Parties);
Waiver of rights of contribution;
(Waiver rights of average/underinsurance).
Vitiation and non invalidation
• Risk of non compliance with implied and express terms and
conditions especially duty of disclosure;
• Non Invalidation protection and restriction of insurers’
rights against the party that invalidates.
Non-Vitiation
• Insurers may void policy for a number
of reasons e.g. fraud, breach of
warranty, misrepresentation
• Act of one party not effecting the
insured interests of another
• Insurers may only give this cover if
have the right to recover from party that
committed the vitiating act.
Broker Letter of Undertaking
•
•
•
Required from Insurance and
Reinsurance Brokers
Needed because Lenders are not
Brokers Client
Letter includes representations and
obligations
Assignments
•
•
Security over Insurance and
Reinsurance Policies
Notice and Acknowledgement
Reinsurance Assignments
• Reinsurance contract between insurer
and reinsurer
• Borrower and Lenders not a party to
reinsurance contract
• Borrower and Lenders want to have
direct access to reinsurance cover
• Cut-through clauses
• Reinsurance assignments
Insurance Market
The Market Cycle
Increased
capacity
Increased
surplus
New
Investment
Increased profit
Increased rates
Reduced coverage
Increased
competition
Reduced rates
Broader coverage
5-7 Years
Key Variables
Reduced profit
• Interest Rates
• Catastrophes
• Legislation changes
• Investment income
Reduced competition
Reduced Investment
Reduced surplus
Reduced
capacity
Insurance Market
• Varies between countries
• Largest insurers – Allianz, AXA, Zurich,
AIG
• Each Country has own insurers
• Local insurance requirements
• Non-admitted insurance
• Language for policies
• Policy wordings
Reinsurance Market
• Dominated by Munich Re and Swiss Re
• Number of other large reinsurers such as
Berkshire Hathaway and SCOR
• Captive Insurance Companies
• Lloyd’s of London
•
•
•
•
Insurance market place
Number of Syndicates not one company
Syndicates specialise in certain risks
Syndicates now limited liability companies
Insurance Broker
Broker’s Role
•
•
•
•
•
•
•
Advisor
Risk Management Facilitator
Negotiation with project stakeholders
Negotiation with insurers for best price/cover
Placement across markets
Innovation
Claims Service and Support
Broker’s Role
A Balanced, Specialist Role not Generalist …
Technical
Appreciation
Risk
Management
Construction
Insurance
Thank You for Listening
Any Questions?
Contatos
JLT Brasil Corretagem de Seguros
Av. Paulista, 854 – 5º andar
São Paulo – 01310-913
Telefone: 55 11 3156-3900
JLT Re Brasil Corretagem de Resseguros
Av. Beira Mar, 200 – 8º andar
Centro - Rio de Janeiro – 20021-060
Telefone: 55 21 2220-2970
Nossos Valores
Colaboração.
Agilidade.
Rigor.
Reconhecemos que nossos
colaboradores são os
motivadores do nosso
sucesso.
Pensamos rapidamente,
movimentamos prontamente
e agimos decisivamente.
Trabalhamos com integridade
e disciplina, defendendo o
que acreditamos.
A JLT trabalha e se desenvolve
em um ambiente de constantes
e rápidas mudanças. Um dos
pilares de nosso sucesso é a
nossa capacidade de rápida
mudança e de pensamento ágil
e criativo, atendendo as reais
necessidades dos nossos
clientes.
O que realmente importa para a
JLT é fazer o que é certo – para
nossos clientes, colaboradores,
parceiros e sócios.
Nossos colaboradores trabalham
juntos no “time JLT”
compartilhando conhecimento,
solucionando problemas e
levando as melhores soluções
para os nossos clientes.