Liberty Seguros - mortgage repayment life insurance (Castellano)
10. Indemnity clause.
For claims derived from extraordinary events covered by the insurance Compensation Consortium.
Pursuant to the terms of the revised text of the Legal Statute of the Insurance Compensation Consortium, approved by Legislative Royal Decree 7/2004 of 29 October and amended by Act 12/2006 of 16 May, the policyholder of any type of insurance contract that includes an obligatory surcharge in favour of the aforementioned public body may arrange for the cover of extraordinary risks with any insurance company that meets the conditions required under current law.
The Insurance Compensation Consortium will pay the indemnities arising from claims resulting from extraordinary events occurring in Spain and affecting risks located therein, as well as, with personal insurance, those occurring abroad when the insured has his / her regular address in Spain, when the policyholder has paid the corresponding surcharges in its favour and any of the following occurs:
a. The extraordinary risk covered by the Insurance Compensation Consortium is not covered by the insurance policy taken out with the insurer
b. Even if it is covered under said insurance policy, the insurer cannot fulfil its obligations because it has been judicially declared bankrupt or is subject to compulsory winding-up proceedings or such a winding-up has been undertaken by the Insurance Compensation Consortium.
The Insurance Compensation Consortium shall act pursuant to the terms of the aforementioned Legal Statute, the Insurance Contracts Act (Act 50/1980 of 8 October) and the Regulations on Extraordinary Risk Insurance, approved by Royal Decree 300/2004 of 20 February, as well as any additional legal provisions.
1. Covered extraordinary events
a. The following natural phenomena: earthquakes and tidal waves, extraordinary floods (including the pounding of waves), volcanic eruptions, atypical cyclonic storms (including extraordinary winds with gusts over 135 km/hr and tornadoes) and falling meteorites.
b. Events caused suddenly as a result of terrorism, rebellion, insurrection, riots or civil unrest.
c. Acts or actions of the Armed Forces or the Security Forces and Services in peacetime.
2. Excluded risks
a. Those that do not give rise to an indemnity according to the Insurance Contracts Act.
b. Damage and losses caused to people or things insured by insurance contracts other than those that include an obligatory surcharge on account of the Insurance Compensation Consortium.
c. Those caused by armed conflict, even when no declaration of war has been made.
d. Those derived from nuclear energy, without detriment to the terms of the Nuclear Energy Act (Act 25/1964 of 29 April).
e. Those caused by natural phenomena other than those set forth in Article 1 of the Regulations on Extraordinary Risk Insurance and, in particular, those caused by a rise in the water table, hillside movements, landslides or soil settlement, falling rocks and other similar phenomena, except where they are obviously caused by the action of rain water that has, in turn, caused extraordinary flooding in the area and they occur simultaneously with said flooding.
f. Those caused by commotions arising during the course of meetings and demonstrations carried out according to the terms of General Act of Parliament 9/1983 of 15 July, which regulates freedom of assembly, as well as during the course of legal strikes, unless said commotions are classifiable as extraordinary events pursuant to Article 1 of the Regulations on Extraordinary Risk Insurance.
g. Those caused by bad faith on the part of the insured.
h. Those occurring prior to payment of the first premium or when, pursuant to the terms of the Insurance Contracts Act, the cover provided by the Insurance Compensation Consortium has been suspended or the insurance has been terminated due to non-payment of premiums.
i. Claims that, due to their magnitude or severity, are classified by the Spanish government as a "catastrophe or national disaster".
3. Scope of the cover
The extraordinary risks cover shall apply to the same persons and property and have the same insured sums as those established in the policy for ordinary risks.
With life insurance policies that, pursuant to the terms of the contract and in accordance with private insurance regulations, generate policy reserves, the Consortium's cover shall refer to the insured sum for each insured, that is, to the difference between the insured sum and the policy reserves that, pursuant to the aforementioned regulations, the insurer must establish. The amount of said policy reserves will be paid by the aforementioned insurer
Procedure to follow in the event of a claim covered by the Insurance Compensation Consortium
In the event of a claim, the insured, policyholder, beneficiary or their respective legal representatives must report the claim, directly or through the insurance company or insurance agent, within a period of seven days of receiving knowledge of it, to the appropriate regional office of the Consortium for the place where the claim occurred. The report must be made using the form established for this purpose, which is available on the Consortium's website www.consorseguro.es and at its offices or the offices of the insurance company, and the documents required according to the nature of the damage must be attached thereto.
For clarification of any doubts that may arise concerning the procedure to be followed, the Insurance Compensation Consortium has set up the following telephone number for insured 902 222 665
Insurance application details required
Contact - for more information, quotes and to sign up...
Contacto - para pedir más información, cotizaciones o para darse de alta...
accident insurance / Boating insurance / Car insurance / Caravan insurance / Civil liability insurance / Commercial Premises insurance / Financial planning ideas - and how to save money in Spain ... / Funeral insurance / Golf insurance / health and dental insurance plans / Health insurance offers eg SMEs, catering, shops / Home insurance / Horse insurance / Hunting insurance / Insurance for Building Companies / Insurance for Electrical Equipment / Insurance for Haulage Companies / Insurance for Companies selling or renting equipment / International health insurance /Life insurance / Machinery Breakdown Insurance / Maritime insurance (crews only) / Motorbike insurance / Office insurance / Returning to the UK from abroad? / Seguro contra daños (RC) / Seguro de amortización (mortgage repayment life insurance replacement) / Seguro de Comunidades / Seguro de decesos / seguros para agricultura / Seguros para casas y hoteles rurales / seguros para transportistas / seguros pecuarios - para su ganado ovino, bovino, caprino y aviar / Shop insurance / Travel insurance - visa compliant, includes dangerous areas, professions and sports / ... and more insurance products
Liberty Seguros - mortgage repayment life insurance - maybe replacing the repayment life insurance your bank / caja sold you with your mortgage will save you money, and even improve cover. Giving 2 months' notice before renewal, you are legally allowed to change your repayment life insurance plan) ... (Liberty Seguro de amortización ... ¿Ha considerado cambiar el seguro de vida que le colocó su banco cuando le dieron la hipoteca?)
boat and golf insurance in Spain
Commercial Premises insurance - Spain
Community Insurance 'Comunidad' - Spain
dental and medical insurance plans
English insurance agent in Spain
health insurance Czech Republic
international health, medical and travel insurance cover
international travel insurance
Maritime plan - international health cover (crew only)
Oil and Gas Industry - health insurance
Teachers - international health cover
traducciones juradas (sworn translations)