Is LATAM ready for BIM?

construction worker on construction site

BIM (Building Information Modeling) which will be mandatory in Brazil from 2021, is an intelligent 3D/4D and 5D model-based process providing architects, engineers, contractors and developers with greater insight into their projects. It is perceived to provide enhanced integration of project processes, improved project performance (e.g. cost, time and environmental performance) and outcome predictability.

Both the construction and insurance industry have embraced BIM.  The use has grown exponentially in the UK where it originated in 2011 (according to the BIM study released in May 2018, 75% of project teams in the UK are using BIM and it has grown year on year). This growth is in part due to the UK government mandating the use of BIM for all centrally procured government projects from April 2016.

According to research by Teeside University, BIM is used by 85% of Brazil’s biggest contractors, with a focus on cost control in the construction phase rather than collaboration at design stage. Brazil’s transport department is also embracing BIM with a 30% costs saving target. A notable project utilising BIM was the 44,000-seat Amazon Arena in Manaus.

Elsewhere in LATAM, BIM was used from the outset on the Panama Canal expansion, allowing designers in five different offices worldwide to collaborate on one 3D model. Construction of Mexico City’s new airport (which was cancelled mid-way through) involved the use of BIM, including modelling of geotechnical conditions – the site is in a seismic zone – to help civil works. The use of BIM for seismic zones should prove very useful for the region.

Benefits of BIM

Providing for more certainty in respect of construction risks underwritten, BIM is a tool that should be welcomed by insurers, helping to identify fault when problems arise. BIM can also be used for asset management so that the insurer has full understanding and visibility on the exact specification and make and model of all fixtures and fittings within a building, avoiding debates with insureds about underinsurance or lack of cover.

The Brazilian army already uses OPUS (similar to BIM), but elsewhere the cost of implementing BIM can be prohibitive on an industry which is already tightly squeezed since the Lava Jato scandal significantly impacted the industry. https://insuranceprofessionalsmiami.com/2017/11/16/the-fallout-from-lava-jato
In countries like Chile, Colombia or Peru it is being used but at a slow pace and only for large projects.

Comment

Whilst studies indicate that by 2020 the BIM market will increase to 11% in LATAM, the region does not have a well-developed professional indemnity market which could be a potential spanner in the works to further growth. In most LATAM jurisdictions, it is not compulsory for architects or engineers to hold professional liability insurance, which prevents claims against professionals as there is no guarantee of a recovery.

Great reliance is placed on Construction/Engineering All Risks (CAR) policies which may capture some elements of design (but usually for on-site activities only and with many exclusions).

If there is insurance, it is important that the insurer knows about the use of BIM from the start and that the project is procured clearly, as a common problem will be the possible blurring of responsibility between consultants.

Where professional indemnity insurers of construction professionals do exist, they should obtain confirmation from their insureds of the incorporation of BIM into agreements by competent lawyers, to ensure the correct obligations are being allocated to the insured and additional duties are not being adopted in error.

A more comprehensive version of this article is available at https://www.kennedyslaw.com/thought-leadership/article/is-it-chicken-and-egg-when-it-comes-to-the-growth-of-bim-and-professional-indemnity-insurance-in-latin-america/

Author/Contact:
Anna Weiss, Head of Construction for Latin America and Caribbean at Kennedys CMK

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Upcoming Miami Seminar: Insurance industry challenges when handling claims in Venezuela

aerial falls

Please join us to discuss perspectives on the scope of OFAC sanctions on Venezuelan entities and individuals, their implications when handling claims in Venezuela and other difficulties reinsurers face when handling Venezuelan claims as disparities in official exchange rates and underinsurance.

lorena avilaLorena Avila
Lorena is a Venezuelan qualified lawyer since 2005 and a Foreign Legal Consultant in Kennedys’ Miami office.
She works for major insurers and reinsurers on large and complex claims in Venezuela and Latin America. Her practice is also focused on regulatory matters and providing legal assistance to international reinsurers and intermediaries to comply with the regulatory framework for insurance activity in Latin America and the Caribbean.
Before joining Kennedys in 2012, Lorena worked for a boutique law firm in Venezuela for six years. She has more than 10 years of legal experience in Latin America.
Lorena is the main researcher for the third edition of The Guide of insurance and reinsurance law in Latin America and Iberian Peninsula.

Date: January 15th, 2019
Time:
5:15 pm Registration
5.30 pm Conference
6:00 pm Informal discussion
6:15 pm Networking
Where: Malbec Room at Novecento 1414 Brickell Ave, MIAMI, FL 33131
Registration deadline: January 14th, 2019 at 1:00 pm. Only 40 tickets available.
To register, please email: hilda.welcker@kennedyscmk.com
Business casual attire. Cost: Free

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Upcoming Women in (Re)Insurance event in Miami on November 13, 2018

women-in-reinsurance-miami-nov-2018

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5th Miami Latin American Claims (Re)Insurance Forum

Three days of in-depth discussion on current topical issues and trends of the (Re)insurance market, with (re)insurers experts and top industry speakers.

Forum2019_header_blog-03 logos BLACK

Kennedys CMK and QLDG are pleased to announce the 5th edition of the annual Miami / Latin American Claims (Re) Insurance Forum, the event of choice of the insurance industry in the region. It will be held in Miami from June 11th (Evening Cocktail) to June 14th 2019, at the Conrad Miami hotel.

As in previous years, the Forum will bring together key International and Latin American industry experts who will be analyzing top claims issues and developments in Latin America & the Caribbean. Topics and case studies are carefully chosen based on current affairs and the feedback received by professionals from the (re)insurance industry.

WHEN: June 11th – 14th, 2019

WHERE: Conrad Miami Hotel. 1395 Brickell Ave. Miami, FL 33131

You can check the Preliminary Program HERE

Thank you to our confirmed sponsors Advanta, Envista Forensics, J.S. Held, Rimac, Sedgwick and the Welcome cocktail sponsor Ábaco International Loss Adjusters for their support.

This is an exclusive event, attendance is by invitation only, as places are limited. Registration is already open.
TO REGISTER CLICK HERE using the code: FORUM2019
The code is case sensitive.

Sept 25 Sponsors ALL

For additional sponsorship and speaker opportunities please contact us:

Alex Guillamont: alex.guillamont@kennedyscmk.com
Juan E. Lopez-Santini: jlopez@qldg.com
Hilda Welcker: hilda.welcker@kennedyscmk.com

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Upcoming Insurance Free Seminar in Miami: How do we understand General Average?

24152409 - container ship awreck on the beach

The law of general average is a legal principle of maritime law according to which all parties in a sea venture proportionally share any losses resulting from a voluntary sacrifice of part of the ship or cargo to save the whole in an emergency (for instance, when the crew throws some cargo overboard to lighten the ship in a storm). General Averages are greatly misunderstood and complicated to adjust. This presentation will provide some clarity into this interesting subject.

Please join us in congratulating Mr. McQuattie for his 44 years in the insurance industry and his 25th Anniversary at AIG!

R McQuattie picRicardo McQuattie
Mr. McQuattie is SVP Marine Claims for the US and Canada at AIG since 2016. A born and raised Venezuelan, he started his insurance career in Caracas with Seguros Orinoco, in 1974 as an apprentice in the marine underwriting department. In 1976 he moves to Seguros American International where he became manager of the home foreign department, which provided service to multinational accounts and thereafter became an assistant branch manager.
In 1983 he worked as production manager and then vice president at Orcoseca, an insurance brokerage firm.  In 1986 he joined a loss adjusting company, Toplis and Harding de Venezuela, where he became a marine loss adjuster and then specialized in aviation adjusting, becoming Lloyd’s Aviation Department’s agent for Venezuela. In 1993 he was called by American International Underwriters in order to take charge of the regional marine claims office for the Latin American division.
In November of 2005 he was transferred to Guam as General Manager of Guam Insurance Adjusters, Inc., claims entity for the MGA operation. Territory included Guam, Northern Marianas Commonwealth, Federated States of Micronesia and the Marshall Is. He stayed in Guam until December of 2008. In January 2009 he was transferred to US as Vice President Marine Claims for Chartis International with additional responsibilities as Regional Marine Claims Manager to the Latin America Region. In 2013 additional responsibilities are given to him to include Managing Specialty claims (Aerospace, Marine, Trade Credit and Surety).

Date: October 9th , 2018

Time

5:15 pm Registration

5.30 pm Conference

6:00 pm Informal discussion

6:15 pm Networking

Where: Malbec Room of Novecento 1414 Brickell Ave, Miami, FL 33131

Registration deadline: October 8th, 2018 at 1:00PM. Only 40 available tickets.

To register, please send an email to: hilda.welcker@kennedyscmk.com

Casual attire. Cost for this event: Free

 

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Upcoming Miami Free Seminar: Regional Issues with BI: Does the Mexican Form Lead to a Windfall? & Potential Savings in “Continuing Costs”?

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During our decades of experience in Latin America we have identified many areas where regional use and custom do not follow the overall approach of the market in general.
In this opportunity we want to introduce and discuss two of those areas; the Mexican Business Interruption form and whether it results in the proper indemnity of the actual loss suffered and, how some continuing costs could actually become savings potentially leading to a windfall. It is important for insurers and adjusters to be aware of these variances when presented with underwriting opportunities and with adjusting assignments.

Date: August 28th, 2018

Time:

5:15 pm Registration

5.30 pm Conference

6:00 pm Informal discussion

6:15 pm Networking

Where: Malbec Room of Novecento 1414 Brickell Ave, MIAMI, FL 33131

Registration deadline: August 27th, 2018 at 1:00PM. Only 40 available tickets.

To register, please send an email to: hilda.welcker@kennedyscmk.com

Casual attire. Cost for this event: Free

The discussion will be presented by Juan E. López-Santini and Marcos R. López from QLDG Forensic Accountants.

Juan E. López-Santini

Juan Lopez qldg

During the past three decades, Juan E. López-Santini has participated in thousands of damage valuation, business interruption and litigation support engagements and has also presented expert witness testimony in international tribunals. His expertise in the fields of forensic accounting and analysis, damage assessment, and technical insurance issues is recognized by legal and technical insurance experts alike.
He is a founding partner of QLDG and a prominent expert and leading voice in the valuation of damages and business interruption in the power generation, mining and oil industries.
His passion for prompt, accurate, relevant, and independent analysis is reflected in his vast body of work and is well known throughout the industry in the United States, Latin American, and the Caribbean. His expertise extends to individual and/or catastrophic events, expert witness testimony in international disputes, and complex financial losses. He has been invited to share his knowledge and experience in international insurance seminars across the region.

Marcos R. López

marcos-r-lopez-cpa-cff-qldg

Marcos R. López is a manager at QLDG where he has worked since 2006. He primarily attends instructions in the Latin-America region, additionally handling instructions on matters located in North America, Europe and other international markets as well.
Prior to joining QLDG, he had experience in investigative accounting, transaction tracing, supporting federal criminal investigations and reporting, evidence handling, federal & state regulatory compliance audits as well as securing, duplicating, indexing, searching and extracting data and evidence from computer systems.
Since joining QLDG he has gained experience in the review and analysis of time element insurance claims, inventory losses, overall valuation of damages, and international litigation and dispute resolutions. He has excelled in the analysis of large & complex claims, detailed modeling and calculation of lost earnings, breach of contracts and international treaties, and damage projections for presentation to tribunals.

About QLDG
QLDG is an Accounting Firm, which specializes in forensic and claims accounting and related litigation support services. Our forensic analysis services are geared towards the complex financial matters encountered by Insurance Companies and Legal Professionals the world over. All of our partners have over 30-years of experience exclusively on the forensic and claims accounting field.

 

 

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Save the date: 2019 Miami Latin American Claims (Re)Insurance Forum!

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Kennedys CMK and QLDG are pleased to announce the dates of the 5th Miami Latin American Claims (Re)Insurance Forum, the event of choice for the insurance industry in the region. For three days key International and Latin American industry experts will analyze top claims issues, trends, and developments in Latin America & the Caribbean.

Topics and case studies are carefully chosen based on current affairs and the feedback received by professionals from the (re)insurance industry. It also represent an excellent opportunity for networking with top industry professionals, in the past edition we had 187 participants from 15 different countries in Europe, Latin America, and the US.

Don´t forget to mark your calendar: June 11th – 14th 2019

More information and registration details to come.

Contacts:

Juan E. Lopez-Santini: jlopez@qldg.com

Alex Guillamont: alex.guillamont@kennedyscmk.com

Hilda Welcker: hilda.welcker@kennedyscmk.com

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