Judicial Guarantees ensure compliance with actions, administrative resolutions and/or judicial decisions/arbitration awards on the part of the Insured, thus covering damages and losses caused by non-compliance thereof.

General Features

  • This policy is used to suspend preventive measures as part of an administrative procedure which under the law or a judicial provision require a performance and/or judicial procedure, presentation of an appeal and any other sort of guarantee.
  • This policy is unconditional, irrevocable and entail immediate payment.

Requirements

  • Application for Insurance-Linked Security, duly filled out and signed, exhibiting periods of time and amounts covered by the guarantee.
  • Copy of main parties involved in the legal procedure (lawsuit).
  • Summarized opinion of the sponsoring counselor concerning the case.

Term in Effect

    This policy is in effect during the term provided for in the judicial decision issued in the event of non-compliance.

Release

  • This policy is lifted based on a judicial or administrative order declaring the guarantee cancelled.
  • Based on expiration of the obligations covered.
  • Based on the devolution of the original policies and renewals thereof.

Execution

  • Resolution declaring non-compliance will need to be presented prior to making this policy effective.
  • Documents must be attached supporting non-compliance decision concerning the obligation thus guaranteed and the compensation for damages caused.