Part 1 – The Insurance Compensation Consortium


What …

(Part 1)

Extraordinary risks covered by the Insurance Compensation Consortium

The Consortium is in charge of dealing with compensation for extraordinary losses to the insured that, produced the loss in Spain, meet any of these conditions:

– That being insured with a market insurance company, your insurance policy does not cover the extraordinary risk in question,- Or that, being insured, once the loss occurred, the insurance company could not meet its indemnity obligations due to bankruptcy, suspension of payments or liquidation process.

To summarize: the objective of the Insurance Consortium in these two situations is to compensate, in compensation regime, and in the aforementioned cases, losses (direct damages and loss of profits) arising from extraordinary events that occurred in Spain, and that affect risks in it located

(If the extraordinary event occurs abroad, the Consortium will compensate the personal damages if the policyholder had his residence in Spain).