In order to have a right to indemnity by the Consorcio for damages suffered as a result of the above mentioned risks, the following conditions must exist:

Cover is subject to there being an insurance contract covering material damage, life or personal accident. Protection afforded in the event of extraordinary risks is necessarily linked to having taken out an insurance policy in certain branches of insurance (which are mentioned below). The fact of having taken out an insurance policy in one of these branches (or combined modalities of these) is coupled with the obligation of having cover for the same property(ies) and at least the same sums insured, against the mentioned risks.

The branches of insurance referred to are:

  1. For material damage insurances: fire and natural events, terrestrial vehicles (damage to the vehicle, not Third Party Liability), railway vehicles, other damage to property (theft, glass breakage, damage to machinery, electronic equipment and computers) and different pecuniary losses.
  2. For personal insurances: life and accident (although these covers may have been contracted as a complement to another type of insurance or within the framework of a pension plan).

When does the Consorcio assume cover?. It is a cover that is included by obligation PDF File. Will open up in another window in policies in the abovementioned branches, for which reason, if it is not expressly assumed by the company extending the ordinary policy, it is the Consorcio that will assume responsibility for it – and only in the case of an absence of cover provided by the company. The Consorcio will also be responsible for the corresponding indemnity when the extraordinary risks have been expressly covered by the insurance company, but said company cannot meet its obligations because it is bankrupt, in administration, insolvent, is in a process of liquidation in which the Public Administration intervenes, or when the company has been taken over by the Consorcio itself.

Payment of the premium: : In order for the Consorcio to make effective any indemnity for extraordinary risks, the Insured must be up to date with the payment of the insurance policy premiums corresponding to one of the above mentioned branches, which includes a surcharge in favour of the Consorcio de Compensación de Seguros, and this must be expressly reflected in the policy premium receipt.

Waiting period: There will be a right to indemnity after a period of 7 days has passed from the date of issue of the policy or from the effective inception of same if it is later than that, unless it can be demonstrated that there was no insurable interest prior to such date. Cover will not be considered to have been interrupted – and therefore the waiting period will not apply - when the issuing of a new policy comes about prior to the legal suspension of the effective cover provided by the previous one.

This waiting period is only applicable to losses due to natural events, excluding personal damage.