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Petroecuador asks Sucre for the 18 extension of the property insurance

With an adverse legal outlook that makes it difficult to call a new contest to insure your assets, which add up to about $ 6,000 million, Petroecuador has decided to extend –with this there are 18 extensions– The validity of the all-risk policies that Seguros Sucre contracted in 2014 for two years.

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On March 15, the general manager of the hydrocarbon company, Gonzalo Maldonado, formally requested that insurer an extension of the term of 120 days of the policies of all oil risk and of maritime and non-maritime civil liability, as of next April 6.

In the document, to which this newspaper had access, the official asks the insurance company to issue the extension certificate for the requested time, and to attach the endorsement of the reinsurance placement confirming that “Petroecuador’s insurance program is duly reinsured, as well as the coverage notes.”

Petroecuador’s administration confirmed to EXPRESO that “there is an additional extension of the policy with Seguros Sucre, since there are some legal issues that still need to be resolved.” The entity avoided providing information on the cost and other details of this extension.

The public company had planned to award a new contract until April 4, one day before the expiration of the last four-month extension agreed on December 7, 2020 with Sucre and which cost $ 8.7 million.

Exam. The Comptroller’s Office extended the term of the control action it carries out on insurance. Submission of a draft was postponed.

Since 2016, the entity has convened 7 contracting processes to insure its assets, which failed amid controversies. The Prosecutor’s Office, the Comptroller’s Office and the National Assembly are investigating the details of the negotiations of the last processes and, in particular, the declared void on December 1, 2020 -which had been awarded to Hispana de Seguros- and the emergency -assigned to the consortium formed by Hispana de Seguros and Latina de Seguros- by $ 53.5 million, which was declared void on January 15.

The Assembly’s Supervision Committee prepare a report on the case. For his investigation of the complaints presented, he listened to the arguments of the authorities of the Ministry of Energy, Petroecuador, Seguros Sucre, Sercop, the Insurance Administration and the Legal Secretariat of the Presidency.

The legislator Mercedes Serrano, proponent of this inspection action, indicates to EXPRESO that “there is no legality of the case in some situations and events” of the procedures carried out by Petroecuador.

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The assemblywoman questions, for example, the extension retroactively of the policy coverage agreed by Petroecuador and Seguros Sucre, after the emergency award was declared void.

“What is evident is that there is some illegality from which Seguros Sucre has benefited. That leaves a lot to think about, ”says the assemblywoman.

For this article, this newspaper formally requested a statement from the state insurer, but there was no answer.

  • Appeal. On March 26, an appeal court of the Provincial Court of Justice accepted an appeal filed by Petroecuador against a court ruling of December 4, 2020, which ordered the contracting process that it won to be returned to the pre-contractual stage. Hispanic Insurance.
  • Denial. On February 22, a judge from the South Penal Unit of Guayaquil denied Petroecuador a request to revoke a constitutional precautionary measure granted to Hispana de Seguros. The ruling ordered the suspension of the effects of the resolutions that annulled the award to that insurer.

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