Pre-heat oven to 350 degrees. Fill a saucepan with the water and place on medium high heat. Add all four bouillon cubes, saffron and paprika. Bring to a low boil until stock cubes dissolve. Reduce heat to keep warm.
Season the chicken with salt and pepper and dust with a small amount of smoked paprika. On medium high heat, brown the chicken and chorizo in 1 tablespoon olive oil in a 13-inch paella pan, about 5-10 minutes. Remove to a platter.
Add the onion, bell pepper, chopped garlic and parsley to the pan and cook for 5 minutes, stirring occasionally. Add a little more olive oil if needed. Add the rice, tomato, bay leaves and piquillo peppers. Cook for another 5 minutes, until the rice starts to brown. Add broth and stir until it boils. Return the chicken and chorizo pieces, burying them in the paella. Scatter the garlic cloves over the top.
Place in oven for 30 minutes, stirring every 10 minutes. After 30 minutes, taste the rice to see if it is done; if it is not, continue to cook. You can leave a little broth in the paella, or cook until the broth is fully absorbed, to your taste. Serve with a crisp green salad, crusty bread and a Spanish white or rosé wine.