Peru Insurance Information

CIA link to demographic/economic data on Peru

General Peru Insurance Information

• Compulsory Insurance:
  
  1. Workers’ Compensation (part of the Social Security Scheme);
  2. Employees’ Life Insurance (after meeting certain length of employment).
• Non-Admitted Insurance:
  Prohibited. The fine is twice the amount of non-admitted premium.
• Policy Wordings & Rates / Tariffs Controlled:
  All wordings must be approved. There are no tariff rates in the market.
• Policy Language:
  Spanish.
• Types of Insurance Restricted to Government Institutions:
  Workers’ Compensation and all Government insurances.
• Policy Currency:
  nuevo sol (PEN). U.S. $ (and other currencies) insurance is available.
• Currency Restrictions / Exchange Controls:
  No restrictions.
• Policy Period:
  Annual; however, longer policy periods are available for discounted premiums.
• Cancellation Provisions:
  Written notice is required. Tacit renewal conditions exist so it is important to read the individual policy cancellation provisions of each policy.
• Premium Tax, etc. paid by Insured:
  18% - a combination of Tax, levies and fire brigade charges.
• Insurance Companies:
  
• Brokers:
  Agents and Brokers must be registered with the Superintendency of Insurance.
• Brokerage Commissions:
  Fire - 20%;
  Automobile - 15%;
  Ocean Cargo - 13%;
  Personal Accident - 20%.
  Commissions cannot be paid to foreign brokers not locally licensed.
• Broker of Record Letters:
  Required.
• Reinsurance:
  No restrictions known.
• Local Natural Hazards:
  Earthquake.
• Other Information:
  

Property Insurance

• Fire:
  Standard fire perils include - fire, lightning, explosion. Aircraft, earthquake, flood, storm / tempest, burst water pipe, riot / civil commotion, malicious damage, windstorm / hurricane, vehicle impact.
• All Risk:
  Available.
• Coinsurance:
  90%.
• Blanket Insurance:
  Available.
• Business Interruption:
  UK Loss of Profits and U.S. Gross Earnings available.
• Replacement Cost:
  Available.
• Discount for fire protection equipment / systems: Available to 35% - negotiable.

Boiler & Machinery / Machinery Breakdown / Engineering

• Wordings:
  European, UK and U.S. forms available. Inspections are not required.

General / Public Liability

• Available Wordings:
  General / Public Liability including Product Liability, Employer’s Liability, etc.
• Comments:
  Policies can be written on an occurrence basis.

Automobile / Motor

• Compulsory Limits:
  Not compulsory.
• Comments:
  Policy applies to Insured and any licensed individual driving with the Insured’s permission. Coverage for Passengers is available for an additional premium charge.

Workers’ Compensation

• Comments:
  This compulsory coverage is available for all employees under the Government Social Security Scheme. Extra-Territorial benefits are not included. Medical Expenses and Occupational Disease benefits are provided.

Marine

• Available Wordings:
  Follow Institute of London Underwriters. War Risk rates follow London scale. Imported goods must be insured by local market.

Crime

• Available Coverages:
  Various local and International forms.