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1 Inside this issue: EDITORIAL 1 EDITORIAL 2 Tourism in Mexico Mexican Auto Industry 3 Glossary of Insurance practice and procures of the Mexican insurance market. 5 Something to laugh about... There are also Korean, Japanese, Malaysian, Taiwanese and few European Investments in factories, operating similarly in Mexico. These maquiladora or Maquila are called export maquiladoras since, there are others which are 100% owned by Mexican groups that participate along the industry as outsourcers or third party contractors, for those who want to manufacture in Mexico using somebody else`s infrastructure, and some variations of the authorizations can apply, which allow them to sell locally in certain cases. (New Imex Programs) These entities, the maquilas, (technically IMMEX) have good tax incentives to produce, since all they have to build up along with their free Maquilas fee, a statutory profit of about 6 to 6.5% of their production costs. The Maquila fee is the bill the Mexican Local Entity charge their corporation on a monthly, biweekly or weekly basis, for their operation expenses (to produce), such as utilities, rent, payroll, etc. Raw materials are all brought in from the US under a bond (to guarantee its return), with no other applicable tax and the final products come back to the US along with all the waste and hazardous materials. This fee included a statutory profit of about 6 to 6.5% of their production costs. The core line business of our Siempre operation tienes by the que type tener of industry, tu propio has always seguro or de Maquila responsabilidad Industry, which civil comes arrenda from been the so called Maquiladora the word Makila, from Arabian Spanish, which means your share of the tario, aunque no haya contrato, e independientemente typical maquiladora si is el a 100% casero foreign o portion a term used back to the Don Quijote days, related to factories since the medieval times. The owned entity (This has changed arrendador recently), tenga which su uses propio local labor, seguro; cheap ya in terms of U.S salaries to make que products al efectuarse very competitive una pérdida in pricing, la aseguradora be shipped del back arrendador to the US for les its pagará final sale. el with such products that need to Based por on el the incidente, above, a potential cuyo problem caso lo with más local management probable is the es correct que sea valuation el arrendatario, of the Inventory they handle in Mexico. This is because, local management is normally not aware of the cost of raw materials entering Mexico or the final sale price of the product, once it returns to the USA (all this information is registered under US accounting books). This situation may create an underinsurance (coinsurance) problem,if the values of these inventories are not correctly reported to the local carrier under the local admitted policy. Therefore, there has to be good coordination between the Corporate Insured in the USA with its subsidiary in Mexico, regarding the valuation of these goods. As of 2012, there are 5,084 registered maquilas, from where Baja California, our state, leads with 18.4%, Nuevo Leon, Chihuahua, Coahuila, and Tamaulipas, states follow. All these are the border states with the US. From the 940 plants in Baja, Tijuana Leads, 560 which give employment to 150,000 people and the dominating sector by industry are: Electronics (Tijuana produces 28.6 millions of TV per year) other main sector are medical devices, aerospace industries, auto manufacturing, plastic injection and molding, packing material,...editorial The Maquiladora Industry in Mexico Today

2 Tourism in Mexico During 2011 there were 190 million tourists around Mexico from where 12% or over 22 million were foreign nationals, largest figure since 1980, and nearly 167 million were domestic tourists in a large country, 11th largest country worldwide which accounts for 6,000 kilometers of beach front, and this income corresponds to an increase of 10.6% over The foreign tourist spent an average of $ dollars per person. From the 22 millions visitors, border crossing visitors spent 550 billons dollars which still way low, due to recession times and security unrest in Mexico, although we see it improving. Mexico occupies the 5th place worldwide of receiving foreign visitors, increasingly from the UK, Spain, France, Italy, and Germany. While we still are struggling to get the Americans back in Mexico. Talking about the US travelers abroad, Mexico amounts to 15% of such visits and most of them are by commercial airlines and a big chunk of that 15% comes from business travel. Hotel occupancy nationwide is 49.9% so we are looking forward to an increase in the near future. Mexican Auto Industry During Siempre 2011, tienes a number que of tener 2,557,550 tu propio automobileguro were de made responsabilidad in Mexico, 427,000 civil were arrenda pur sechasetario, domestically aunque no while haya 2,130,143 contrato, were e exported, independientemente some 80% of such figure si el casero to the US. o From every 10 vehicles driven in US 1 vehicle is made in Mexico and this tendency is growing since Mexico has que now al over efectuarse 30 factories una nationwide. pérdida Most la aseguradora exports go to del Brazil, arrendador nearly 43% les of pagará them. The el of the auto seguro, industry pero in Mexico se van represents legalmente 3% of the en gross contra internal de product, quién resulte twice as much responsable the local insurance por el industry. incidente, en cuyo caso lo más By total production the industry leaders are Nissan/Renault with 607K units, follow by GMC with por 544K, eso VW necesitas 510K, Ford protegerte. 462K, Chrysler 279K, Fiat 59K, Toyota 49K and Honda 45K. Other manufacturers are Mercedes (trucks), and Hyundai. On top of these some 121,000 motorcycles are manufactured locally. ( source Mexican association of the auto industry AIMA ) (Notes from CNN expansion group in Mexico ) USA OFFICE 700 S. Flower Street, Suite 1216, Los Angeles, CA Tel. (213) Fax. (213) ,

3 Glossary of insurance practices and procedures of the Mexican Insurance market Quotes Brokers, agents or intermediaries do not have legal authority to quote on their own (with the exception of personal lines coverage or on line programs). Once a quote is received from the carrier, the broker, agent or intermediary can then summarize the main terms & conditions to send to the Insured. However, the official quote will always be the one issued by the carrier. Quotes are normally valid between 15 to 30 days and can be renewed or extended if client has not decided and will be subject to the approval of the underwriter. To quote, most insurance companies ask for their own application to be filled out, although this is not official; some International carriers will accept applications designed by the broker or accord apps (which really are not designed for Mexico). Usual time to quote is three days except if there is facultative reinsurance to place in which case it might take up to several weeks. Backdating coverage It is possible (sometimes), but underwriters will request a no known losses letter from the insured in their letterhead. de responsabilidad civil arrenda Binders To bind coverage a local carrier will request from the broker tario, or agent aunque a formal no processing haya contrato, order and e independientemente coverage. Some carriers si el casero do not o issue bind cannot backdate ers or arrendador cover letters tenga because su propio they issue seguro; the policies ya quick. que Otherwise, al efectuarse the binders una issued pérdida show la aseguradora very little information and del only arrendador refer to quote les number, pagará policy el terms, address, etc. Brokers or agents can issue a summary of the coverage placed (with more details than contra the binder de issued quién by resulte the carrier), responsable but this document por does el not incidente, have any official en cuyo validity. caso There lo más are no legal probable obligations es on que carriers sea el to arrendatario, issue binders, but if they do, por then eso it necesitas becomes a protegerte. legal document. Certificates of Insurance There is no such a document in Mexico per se. Some US subsidiary carriers (like ACE Mexico) will only issue them as a courtesy; Proof of insurance in Mexico, is done by showing the original policy. Normally carriers issue a non premium endorsement to add loss payees, additional named insured s, clarifications, etc. Some carriers in order to issue these endorsements (for loss payee or additional insured) will require a written letter in their own stationary indicating such instructions. Policy digests Are available in English upon request and these are written by the broker or agent.

4 Policies Are issued in Spanish, as the only legal document. English translations are provided only as a courtesy. Not all carriers in Mexico provide English translations. Some only provide a summary of coverage. Many times their translations do not match with Spanish original policy, so you have to be careful. The policy normally consists of a declaration page, a specification of the policy, general conditions and electronic invoice. Some insurance companies are not printing policies anymore and they are delivering Policy Payment All policies have a 30 day grace period for the policy to be paid or for the first invoice, if the policy is paid in different installments. If the policy is financed by the insurance company, then as of the 2 nd invoice, the due date is the effective date of such installment. The 30 days apply from the effective date of coverage and there is always been a confusion and not cleared out by carriers, of what happens if the policy takes three of four weeks to be delivered. Some companies unofficially give us more time due to issuing delays but this is not official. An extension of payment can be requested, if for any reason we know that an Insured will pay after the 30 day grace period. These extensions are granted by the carrier on a case per Premium financing In Mexico there are no premium financing companies, like in the USA. In Mexico the financing is done directly by the carrier, who can approve, semi annual, quarterly and in some cases monthly payments, especially when it s paid through the banking system, either directly at the bank or wire transfer. Surcharges to the policy premium apply for installment payment plans. Backdating coverage It is possible (sometimes), but underwriters will request a no known losses letter from the insured in their letterhead. Premium payments Unlike in the USA, where a trust account exist and brokers can accept payments on their name as long as these go to the trust account; instead in Mexico, all payments have to be made payable to the Insurance Company, even when the payments are sent to the broker. As we have seen lately and we expect it to happen, every time there are more and more wire transfers directly from the insured to the insurance company. By law, if the premium is not paid within the 30 day grace period, the policy is automatically cancelled without any notice to the Insured or Broker. de responsabilidad civil arrendatario, aunque no haya contrato, e independientemente si el casero o que al efectuarse una pérdida la aseguradora del arrendador les pagará el Policy fee por el incidente, en cuyo caso lo más Besides the base premium, a separate issuing fee (or policy fee) is charged by the local carrier. This amount is calculated by each carrier and depends on the amount of the base premium (the larger the base premium, the larger the policy fee). Policies in Mexico are also taxed with a value added tax (VAT) and this percentage is 11% for risks along the border areas and 16% for the rest of the country. Currency The policies can be issued in pesos or in US Dollars. At the time of payment if the policy is in dollars, you can normally pay in pesos at the rate of exchange of the date of payment. Type of documents: a policy which can be renewed every year; some few exceptions to the policy being annual, such as over 12 month construction programs for instance. Policies can be flat or can be agreed on a declaration basis with year end adjustments. This can apply to cargo policies as well as to Property policies that have large fluctuations of inventory. Changes during the year are carried out by endorsements: A end ts are for increases B for non premium changes and D for decrease premium endorsements. USA OFFICE 700 S. Flower Street, Suite 1216, Los Angeles, CA Tel. (213) Fax. (213) ,

5 Policy cancellation Automatic cancellation goes into effect when policy is not paid on time (within the 30 days grace period); the insurance company does not have the obligation to issue a cancellation notice, which creates a big problem for the broker or agent. A policy can be reinstated once the premium is received, but the carrier will require a no known loss letter to back date coverage to the inception date. For a policy in force, the insured can cancel at anytime, subject to short term rate return and/or Loss prevention inspections They normally are carried out by the local carrier and at their expense. Brokers can also make an inspection, so we can use the information to shop around for coverage. Insurers sometimes do not share their reports with us. Inspection reports are written in Spanish most of the times. English translations can be requested on a case per case basis. Insurance appetite Most insurers, now days, will not insure high hazard risks like: cardboard, wood, plastics injection, foam or clothing, unless they are protected at least with extinguishers and stand pipe hose systems with their own water supply and pumping system. Boiler & Machinery breakdown It s sometimes called Engineering Risks or Technical lines. Coverage is available although mostly expensive. Some insurers will request a list of all the machinery or at least the five pieces with larger values, especially if they are bottle necks for production. Business Interruption coverage is very limited. Package policies Are very popular in Mexico, because they group together coverage for: buildings, contents, consequential losses, civil general liability, burglary, technical lines and all miscellaneous such as edp, glass coverage, cash Coinsurance provision Unless otherwise stated, coinsurance is always 100%, meaning that underinsurance will be penalized in case of a loss, if the values are not reported at 100%. When insurance refers to first loss limit, there is two options: a) absolute 1 st loss limit will cover up to the limit regardless of the total values. This concept applies to coverage s like: burglary, money & securities, glass breakage, etc. and b) Relative first loss insurance will pay up to the limit as long as the total values (at 100%) are disclosed to the carrier. This applies to technical lines like: boiler & machinery breakdown, edp, etc. de responsabilidad civil arrendatario, aunque no haya contrato, e independientemente si el casero o que A al TRUE efectuarse STORY... una pérdida la aseguradora del arrendador les pagará el por el incidente, en cuyo caso lo más Most people don't know that back in 1912, Hellmann's mayonnaise was manufactured in England. In fact, the Titanic was carrying 12,000 jars of the condiment scheduled for delivery in Veracruz, Mexico, which was to be the next port of call for the great ship after its stop in New York. This would have been the largest single shipment of mayonnaise ever delivered to Mexico. But as we know, the great ship did not make it to New York. The ship hit an iceberg and sank, and the cargo was forever lost. The people of Mexico, who were crazy about mayonnaise, and were eagerly awaiting its delivery were disconsolate at the loss. Their anguish was so great, that they declared a National Day of Mourning which they still observe to this day. The National Day of Mourning occurs each year on May 5th, and is known, of course, as Cinco de Mayo... (Joke from Joke Buddha Web Page)

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