Liability insurance protects your assets against damage to third parties. Compensation and legal defence for errors, accidents or negligence. Essential for freelancers and companies.
The territorial scope in insurance delimits coverage according to geography. Relevant in travel, car or health insurance. Consult before taking out insurance.
The SINCO file collects the policyholder's claims history over the last 5 years. It allows insurers to calculate the risk and adjust the price according to the claims rate.
Find out about the SDM Agreement with insurance companies for the efficient management of claims in Madrid. Clear and updated information in La Web de Seguros.
The CIDE and ASCIDE agreements streamline the handling of claims between vehicles in Spain. They allow the insurer of the injured party to compensate directly, and then compensate the insurer of the at-fault party.
The insurance excess is the amount that the insured assumes in the event of a claim. It reduces the insurance premium, but also the compensation received, and is applied in car, liability, home and community insurance.
The rule of equity adjusts the indemnity when the data of the insured risk is incorrect. If the premium was lower due to an inaccurate declaration, the insurance pays proportionally less.
The proportional rule reduces the compensation if the sum insured is less than the actual value of the property. It is applied in case of underinsurance, affecting the insured financially after a loss.
Underinsurance occurs when an asset is insured for less than its actual value. In the event of a claim, the compensation will be lower, applying the proportional rule. It can be avoided with professional advice.
First-risk insurance covers up to an agreed amount, without considering the total value of the property. It avoids applying the proportional rule and is useful to insure specific or partial assets.
Distinguish between burglary, robbery and theft to understand insurance coverage. Burglary implies force, robbery implies violence and theft implies the absence of violence.
Contents" in an insurance policy includes the goods inside the property, such as furniture, appliances, clothing, equipment and merchandise. It varies according to the type of property and should be detailed in the policy.
The term "building" in an insurance policy includes the structure of the property, such as walls, ceilings and fixed installations. It is valued according to the cost of construction and materials, not the market.
The Special Conditions are specific details of the insurance contract, including insured, coverages, duration and premiums. Reviewing them carefully is key to ensuring that they are correct.
The General Conditions of the insurance contract detail rights, guarantees and exclusions. They are essential together with the Special Conditions. Keep them up to date.
The insured interest is the valid economic relationship between the insured and the property exposed to the risk. It must be legitimate and estimable in money according to the Insurance Contract Law.