Special Conditions (Insurance Contracts)
You should be aware that when you take out an insurance policy, the following are an integral part of it Special Conditions as well as the corresponding General Terms and Conditions.
Over time, any insurer may update or modify the General Terms and Conditions of your products. However, you must keep those that correspond to the contract you have signed. Therefore, the number of the applicable general terms and conditions should be included in your particular conditions.
As set out in the Article 3 of Law 50/1980 on insurance contractsThe general and special conditions must be drafted clearly and precisely. Clauses limiting the rights of the insured must be specially highlighted and accepted in writing.
The general conditions cannot be detrimental to the insured. Moreover, they must be included in the insurance proposal, if any, and necessarily in the contract policy.
What do the Special Conditions include?
The particular conditions must contain as a minimum:
- Name and surname or company name of the contracting parties and their domicile, as well as the designation of the insured and, if applicable, the beneficiary.
- The concept in which it is secured.
- The nature of the risk covered.
- Designation of insured objects and their location.
- Sum insured or scope of cover.
- Maturity of premiums, place and form of payment.
- Duration of the contract, indicating start and end date and time.
- Name(s) of agent(s) involved, if any.
Once you receive the particular conditions of your contract, we recommend that you check them thoroughly before signing. If you detect any incorrect information, ask for it to be corrected immediately.
It is particularly important to check information which, depending on the type of insurance, can have a significant influence on the premium to be paid. In the event of a claim, incorrect information could lead to the insurer applying the rule of equityor the proportional rule if the sum insured is below the actual value. In both cases, the resulting compensation could be less than the value of the damage suffered.