Law360, New York ( February 19, 2015, 11:14 AM EST) -- Some terms frequently found in (re)insurance contracts and statutes have different meanings in common law, English-speaking jurisdictions than they do in civil law, Spanish-speaking countries. It is critical for (re)insurers providing coverage for risks in Latin American jurisdictions, either by reinsuring locally issued policies or participating in global insurance programs, to understand such differences exist and may impact policy interpretation, expectations and dispute resolution. In a perfect world, these differences, when properly understood, would also impact wordings and ratings of Latin American risks. In this article, we review some important terms whose meaning under local law may not be what an international insurer would expect....
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