Regulatory Alerts2015-04-15 | JB-2015-3364Added · Updated
Resolution No. JB-2015-3364 of the Banking Board of Ecuador
The Banking Board of Ecuador rejected the appeal filed by Sweaden Compañía de Seguros y Reaseguros S.A. regarding a claim for machinery damage. The Board confirmed the previous administrative order requiring Sweaden to pay Jaramilloil Transportation and Services S.A. US$ 29,278.40, minus policy deductions. The decision was based on the insurer's failure to prove that the insured's provisional repairs constituted a fundamental aggravation of risk or bad faith.