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Brazil: Insurer Itaú Seguros ordered to indemnify for assembly error at refinery

February 24, 2014 - 6:00am


Brazilian property/casualty insurer Itaú Seguros S.A. has been ordered to indemnify the Alumar Consortium – formed by Alcoa Inc., Rio Tinto Alcan Inc. and BHP Billiton Ltd. – for losses arising from assembly errors that prevented proper operation of two boilers, reports Consultor Jurídico.

The two boilers were contracted to bolster aluminum output at a refinery in the city of São Luís in Maranhão, Brazil.

The compensation could reach up to 80 million Brazilian reals ($34.1 million).

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