RECENT CLYDE & CO EXPERIENCE OF THE ARBITRATION PROCESS IN COLOMBIA INCLUDES A USD 600 MILLION CLAIM INVOLVING LONDON REINSURERS AND TWO LOCAL INSURERS AGAINST THE CENTRAL BANK OF COLOMBIA. THIS WAS A VERY COMPLEX AND TECHNICAL CASE CONCERNING THE INTERPRETATION OF A PROFESSIONAL INDEMNITY POLICY IN THE CONTEXT OF A CENTRAL BANK. THE PROCEEDINGS – WHICH INVOLVED THE DISCLOSURE OF OVER A DECADE’S WORTH OF CONTRACTUAL DOCUMENTATION BOTH IN ENGLISH AND SPANISH, A DOZEN WITNESSES AND FIVE LOCAL AND INTERNATIONAL EXPERTS – WERE COMPLETED WELL WITHIN TWO YEARS BY A TRIBUNAL OF THREE LOCAL ARBITRATORS. THE TRIBUNAL’S EXPERTISE IN THE HANDLING OF THE PROCEEDINGS IN SUCH A SENSITIVE CASE INVOLVING AN IMPORTANT NATIONAL INSTITUTION IS ONE OF THE MANY EXAMPLES OF THE MATURITY OF THE FORUM.
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