Definition
It is the insurance contract through which covered the damage caused to the property or goods that are in it due to a variety of risks, such as: fire, theft, liability, damage, water, etc. This type of contract is not only offered for homes but also for communities of property owners, businesses and companies.
Features
While there may be notable differences in coverage among the different policies ofthe companies, most of the contracts cover damage by fire, water, theft, legal defence and civil liability.
The coverage limits are set as percentages on the insured value or quantity maximum for each risk, or both simultaneously.
Usually establish sums insured separately for the continent, the contents (furniture)and civil liability.
Generally is considered continent: housing, facilities and fixed elements, i.e., all those assets that cannot be separated from the building without causing damage, garages and storage rooms, as well as the proportion that matches the common areas ofthe building or the estate.
General content is considered: furniture, appliances, clothing, other personal belongings, provisions and supplies. Unless otherwise agreed, the insurance companies tend to exclude from coverage vehicles, defined as potentially dangerous animals, plants, jewelry and valuables, furs, antiques.
In terms of these last items, the General conditions of the policy usually require an appraisal expresses and individualized of pictures and works of art, philatelic and Numismatic collections, objects of silver and precious metals that are not jewelry, carpets and tapestries, and fur coats. Inclusion in these goods of special value insurancemay give rise to an increase in the premium.
General liability coverage covers the compensation it would have to face as a resultof material, personal or economic damages caused to third parties as a result of their actions or negligent omissions or of those living in the secured housing, within thelimits established by the policy.
However, it is common to set the policy elements are considered continent or content for the purpose of the same.
While you can hire as a single safe, so fire coverage as being today linked to a product of multi-risk, theft being application all commented in multi-risk insurance.
For the purposes of own insurance of fire and theft specifications
WARNINGS AND CAUTIONS IN THE INSURANCE LINES
In hiring:
General:
Before insurance consult the entity or its mediator of what are the main features of the same and revealed what their priority needs and what he really wants to make.
Obtain of the entity insurance or of the mediator all the information necessary and sufficient previously to hire a safe is a right. Therefore, ask for all the explanations and clarify all your doubts with regard to the insurance that will hire.
It is essential that you read all the conditions of the policy and know the compensation limits and exclusions of coverage before entering into the insurance contract, especially with respect to coverage in which accidents are most frequent. For example,water damage (check if they are covered, or if you have any limitations location andthe troubleshooting expenses) and theft.
The insurance company, in accordance with article 5 of the LCS, is obliged to deliverto the policyholder, directly or through a mediator, the full policy, which is both formed by the specific conditions and the General.
The insurance contract is perfected by consent, but which must be made in writing.I.e., the contract exists since both parties (insurer and policyholder) consent to thatoccurs, even if it is not signed. If it has not been written, either party may request that it formalize in writing.
The insurance company must put all means at its disposal to facilitate the signing ofthe contract. Before signing the contract, be sure to know and understand all the terms of the contract, especially the restrictive clauses, whose validity is conditional onthat they are prominent in the policy and that are specifically accepted by the policyholder by his signature.
Save all documentation to give. It may be useful in case of accident. However, if you lose the policy you may request a duplicate to your organization.
Specific insurance lines:
Policies must be clear and precise, in such a way that the policyholder and the insured person can understand what rights and obligations arising from the insurance contract.
The Declaration of the insured (including in the particular conditions of the policy) amounts is important when hiring a policy, so the compensation is sufficient to copewith the economic loss suffered. The sum insured is established by agreement between the insurance company and the policyholder. If the sum insured is less than thevalue of the interest (value of the insured property), in case of accident the insurance company shall apply the proportional rule, which implies that the compensation will cover the damage suffered by the insured in the same proportion that the insuredamount covers the interest.
In this sense, if you want to be fully insured, it is important to know that:
Continent/building: the assessment must take into account all attached units as storage-room dwelling, garage, sports areas, etc. The value that must be reported is thecost of reconstruction (excluding the value of the soil, a concept that is not insurable) other than that of purchase or sale. This value can be calculated by multiplying the square meters of the surface area of the dwelling by the average cost of reconstruction of one of similar characteristics.
Content/furniture: this concept includes objects of the interior of the House (furniture, appliances, furnishings, clothing, etc.). The compensation in case of sinister is made pursuant to it established in policy (value of reset, value venal, etc.).
For these purposes, should be into account different possible assessments of insured property, which must be determined at the time of policy:
Actual value: value of the assets quantified by its new value with your depreciation deduction by age, use or obsolescence.
New replacement value: value of the assets quantified by its new value without anydeduction by age, use or obsolescence.
Other possible ratings referred to in the policy.
It is important to know that if you hire an insurance by less than the actual value, the compensation that you will receive will be proportional to the declared value; i.e. an underinsurance situation occurs and, accordingly, the proportional rule will apply.If the valuation is higher than the real value, is will only indemnify you for the real value that corresponds, unless explicitly agreed in the contract to "agreed value" compensation.
However, in the policy can be excluded the application of the proportional rule, forexample there are policies in which its application is excluded when having been agreed upon automatic revaluation of the insured amounts, the percentage of underinsurance is equal to or less percent of the insured value both. In any case, the responsibility of the Organization to an accident will never be greater than the value of the sum insured.
Also, it is suitable before hiring insurance analyze carefully the definitions of concepts and coverages included in the policy to get to know the risks covered by the contract and which excluded. In this sense, it is of special interest in the case of theft insurance, knowing the definition given in the policy to the robbery and theft and know what is it that is based in reality, although there are entities covering theft, it is frequent that it exclude from his conditioning. In the event that a clear differentiation between theft and theft is not established in the policy, and use the concept of theft,it includes all unlawful abduction.
Keep in mind that put security against theft and fire protection measures can reducethe amount of the premium. Refer to the insurance company if in your case you have in mind when pricing and requirements must meet the same.
