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Jul-05-2022

PETROPERÚ denies having contracted the Insurance Broker that presented the highest proposal

PETROPERÚ denies having contracted the Insurance Broker that presented the highest proposal

In relation to the designation of the Insurance Broker of PETROPERÚ S.A. and mentions in some media, PETROPERÚ makes the following clarifications:

  • In the month of May of this year, the Designation Process of the Insurance Broker for the Insurance Program of PETROPERÚ S.A. was developed. period 2022-2024. This process was carried out due to the repeated changes of the PETROPERÚ Insurance Broker by the previous administration, actions that are under investigation by the Institutional Control Body (OCI) of the Comptroller General of the Republic. These continuous changes generated mistrust in insurance companies and, consequently, difficulties in managing PETROPERÚ's policies and claims.
  • The process carried out in May is a designation that is regulated by specific regulations. This designation does not generate any contractual commitment nor is it related to any payment by PETROPERÚ to the insurance brokerage company. The designated insurance broker fulfills the function of providing specialized advice and intermediating in the contracting of policies with insurance companies, attention to the insurance clauses required by corporate contracting, technical advice on the recovery of possible losses due to claims, as well as management and advice regarding legally-mandated insurance.
  • The broker has been designated as a result of the technical evaluation that gave an individual score for each aspect giving a total of 100 points maximum, in accordance with the Bases of the process. These were:
  1. Experience of the insurance broker and its international scope in the placement of insurance and reinsurance in the oil & gas field.
  2. Work team experience.
  3. Asset valuation.
  4. Risk inspection.
  5. Training.
  6. Risk analysis support.
  7. Company specialized in preparing claims and complaints.
  • Therefore, it is incorrect to state that PETROPERÚ appointed the company that presented the highest commission. The commissions incorporated in the proposals of the bidders were strictly referential and correspond to a market investigation to know the scope of each broker. The referential commissions did not grant a score or generate a payment commitment on the part of PETROPERÚ.
  • Likewise, the insurance policies that PETROPERÚ contracts with the insurance companies for its different assets have a specific procedure through which the insured amounts and the respective premium are evaluated. If the placement proposal is considered unfavorable for the interests of PETROPERÚ, the company reserves the right to appoint another insurance broker for the placement of a specific policy, in accordance with the provisions of number 1 of the Bases of the Appointment Process. Likewise, the amounts of the premiums are related to historical values, compliance with the scope of the policy and market competition, which also includes insurance broker commissions.
  • The designation has been made in accordance with current procedures, however, in order to continue demonstrating the transparency promoted by the Board of Directors and Management, the OCI has been requested to review all the documentation of the Insurance Broker Designation Process. Likewise, in compliance with the Bases of the Process, PETROPERÚ performs the subsequent control of the documentation presented by the designated insurance broker company.
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