Compensation clause by the Insurance Compensation Consortium for losses arising from extraordinary events in insurance with combined coverage for damage to persons and property and civil liability in land motor vehicles.
In accordance with the established in the rewritten text of the legal Statute of the Insurance Compensation Consortium, approved by Royal Legislative Decree 7/2004, of 29 October, the policyholder of an insurance contract of which a surcharge must be incorporated in favour of the aforementioned public business entity has the power to agree the coverage of extraordinary risks with any insurance entity that meets the conditions required by current legislation.
Compensation for claims arising from extraordinary events occurring in Spain and affecting risks in Spain and, in the case of personal injury, also those occurring abroad when the insured party is habitually resident in Spain, will be paid by the Insurance Compensation Consortium when the policyholder has paid the corresponding surcharges in his or her favour and one of the following situations occurs
The Insurance Compensation Consortium will act in accordance with the provisions of the aforementioned Legal Statute, the Insurance Contract Act 50/1980, of 8 October, the Regulations on the Insurance of Extraordinary Risks, approved by Royal Decree 300/2004, of 20 February, and complementary provisions.
Summary of Legal Rules
1. Extraordinary events covered
Atmospheric and seismic phenomena, volcanic eruptions and the fall of iron and steel bodies will be certified, at the request of the Insurance Compensation Consortium, by means of reports issued by the State Meteorological Agency (AEMET), the Geographic Institute
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National and other public organisms competent in the matter. In the case of events of a political or social nature, as well as in the case of damage caused by events or actions of the Armed Forces or the Security Forces in peacetime, the Insurance Compensation Consortium may request information about the events from the competent jurisdictional and administrative organs.
2. Excluded risk
I. The franchise to be paid by the insured will be:
II. In the case of personal insurance, no deduction shall be made for an excess.
4. Extension of coverage
4.1 The coverage of extraordinary risks shall cover the same goods or persons, as well as the same sums insured as have been established in the insurance policies for the purpose of covering ordinary risks.
4.2 Notwithstanding the above:
Communication of damages to the Insurance Compensation Consortium
1.The request for compensation for damage whose coverage corresponds to the Insurance Compensation Consortium shall be made by means of notification to the Consortium by the policyholder, the insured or the beneficiary of the policy, or by the person acting on behalf of and in the name of the former, or by the insurance company or the insurance intermediary with whose intervention the insurance will be managed.
2.The communication of damage and the obtaining of any information concerning the procedure and the state of processing of claims may be carried out:
− By calling the Insurance Compensation Consortium Call Centre (900 222 665 o 952 367 042).
− Through the Insurance Compensation Consortium website (www.consorseguros.es).
3. Valuation of the damage: The valuation of the damage that can be compensated in accordance with the insurance legislation and the content of the insurance policy will be carried out by the Insurance Compensation Consortium, without the latter being bound by any valuations that may have been made by the insurance company covering the ordinary risks.
4.Payment of the compensation: The Insurance Compensation Consortium will pay the compensation to the beneficiary of the insurance by bank transfer.
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