Glosario de Seguros

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A

Absolute Incapacity

An irreversible loss of the bodily function which renders a person unfit for any kind of profession or post.

Acceptance of credentials

A document which certifies that one or various people have the faculties or powers to issue certification about third parties or companies to the Administración Nacional, Autonómica o Regional [National, Autonomic or Regional Administration], as well as their Autonomous Bodies and Public Enterprises. We have this certification for all of the public bodies in Spain.

Accidental and sudden pollution

Pollution. The introduction or spread of substances into the ground, water or air, which cause deterioration, resulting to be dangerous or harmful to the quality of said resources.

Accidental. Not having occurred intentionally or in a way that was foreseen or consented to, and which is the normal consequence of the activity performed.

Sudden. Pollution which can be proven once it has occurred and which is discovered in no more than 120 hours from the moment that the discharge triggers the pollution until its existence is discovered.

Accreditation documentation

In Art, when we talk about an artwork’s documentation, we mean the accreditation documentation which testify to the work’s authenticity or that of the pieces, as well as the value. In order to perform this study, we need to access this documentation.

Active mass

A company’s property assets.

Aesthetic damage

Special coverage which bears the expenses associated with maintaining the original aesthetic or uniform aesthetics. For example, if some tiles need to be chipped in order to repair a water leakage, and these tiles are no longer sold, we at Caser will be responsible for completely replacing the tiles in the damaged room in order to maintain aesthetic harmony.

Agreed value

This is the value agreed upon by both parties, after having completed a study and accreditation of the object to be valued.

Attic floor

The last floor on a residential building, including the rooftop of the building or in other instances, the beginning of the building’s rooftop.

Bankruptcy endorsement

An economic guarantee of repaying debt to their creditors, in the event that a company bed declared bankrupt.

Bars on windows

Housing protection by means of bars on windows, safety shutters made out of wood or glass on all access points of the property, located both outside and inside the housing.

Beneficiary

A natural person designated by the Insured Party to receive benefits derived from the insurance policy in the event that damage or loss occurs.

Brick and stone housing

Housing constructed with completely incombustible materials in enclosures, structure and covered in bricks, stone, tiles or concrete.

Builder

Someone who uses human resources and materials to carry out the work pertaining to the project and the contract.

Building Agents

Any natural or legal people involved in the building process.

Building quality control companies

Companies which provide technical support to the project management team by verifying the quality of the project, the materials and the construction implementation.

Building quality control laboratories

Laboratories which provide technical support to the project management team by verifying the quality of the project, the materials and the construction implementation.

Capital compensation

If, when the claim is made, an Over-insurance on the HOUSING or FIXTURES exists, the corresponding premium may be applied to increase the insured amount of the asset which is found to be insufficiently insured. This compensation will only be applied to the Housing or Fixtures capital corresponding to the same housing.

Casualty

Consists in the Policyholder failing to fulfil their contractual or legal obligations in regards to the insured party and in the consequent claim for compensation payment.

Certificates of Satisfactory Execution

Once the tender has been granted to the Company, the Administration will request a definitive certificate which certifies that the Company selected, will fulfil the contract in time and in an appropriate manner.

CIRBE

Central de Información de Riesgos del Banco de España [Bank of Spain Risk Information Centre] (CIRBE). A public service which manages a database containing practically all loans, credits, endorsements and risks in general that financial institutes have with their natural or legal customers.

City Centre

This is the town centre of a municipality made up of at least 50 dwellings and/or 500 inhabitants.

Civil Liability

In general, this is the obligation that a person has to repair the damage or harm done to another person as a consequence of an action or omission in which there is some kind of culpability or negligence, performed either by them or a third party for whom they are responsible. It is regulated in Article 1.902 of the Spanish Civil Code.

Claim

Generally understood to mean the action and effect of one claiming, demanding or asking for what legally corresponds to them.

Construction implementation manager

An agent who, within the Project Management team, directs the construction’s material implementation and checks the built construction for quality.

Construction manager

A member of the Project Management team, who guides the construction’s development in technical, aesthetic, urban and environmental matters.

Coverage

The main obligation of the Insurer in an insurance contract is to be consistent in dealing with the economic consequences caused by loss, within the insured amount. This is synonymous for ‘warranty’.

Customs Certificates

To import goods, one is required to pay taxes, which are principally tariff rates and VAT. You may settle this tax before collecting your customs goods, or you may choose to have a surety bond, thus guaranteeing the Administration that they will be paid. The value of this bond will be equal to said debt in order to release the goods.

Detached housing

Free-standing housing used exclusively by the Insured Party which shares no walls with any other building, although it may share barriers, fences or hedges.

Developer

A natural or legal, public or private person who, either as an individual or in a collective, decides, drives, programs and finances building construction.

Double capital

Under some coverage, the insured party or beneficiary, receives double the capital insured, whether it is the guaranteed capital on the coverage or the total insured capital. Normally, this is an extra condition.

For example, in Accidents or Life insurance, it will be specified that, should the insured person dies or is rendered disabled due to a traffic accident, the beneficiary will receive double capital. This means that, if the disability warranty is €20,000, should an accident occur, this will become €40,000, meaning twice the capital agreed upon or guaranteed in the coverage: €20,000 + €20,000.

Electrical installation

The integrated assembly of channelling, structures, conductors, accessories and devices which enable electrical energy to be provided to the property in order to supply the appliances that require electricity to function.

Equity rule

If, at the time of loss occurring, the premium for this policy that has been paid is less than the amount which really corresponds to it, due to an inexact declaration of the risk information or because a deterioration in the risk has not been correctly communicated, the compensation will be reduced in proportion to the difference between the net premium covered and the correct amount.

Estate

Group of more than 50 dwellings which, although not in the city centre, make up an aggregate and have the following public services available: lighting, water, sewerage, and telephony. Groupings of less than 50 dwellings, but which have 24-hour security guards, will be considered an urbanisation for the purposes of this policy.

Excess

Quantity for which the insured person insures their own risks and by virtue of which, in the event of an accident, will use the assets to bear the cost of the corresponding damages.

Extra-contractual Civil Liability

This name is given to the civil liability which is born by virtue of the law, and for which the existence of a contract between the two affected parties is not specified. This is also called legal civil liability.

Family Civil Liability

Civil liability for acts committed in one’s private life.

Fixtures

All of the goods belonging to the Insured Party, their family members and other people who typically live in the insured property. Jewellery and objects of special value, if you have included them, also fall under Fixtures Capital.

Fixtures’ value as new

The cost of replacing the insured object in a new condition, at the time of loss, without applying depreciation.

General Conditions

This is where one can find all of the basic principles established by the Insurer to regulate all the insurance contracts issued within the same insurance class or warranty.

Standards relating to the extension and object of the insurance, general risks excluded, form of loss settlement, payment of compensation, bill collection, mutual communications between the Insurer and the Insured Party, jurisdiction, subrogation, etc.

Ground floor

The floor in an apartment building where the windows, terraces, balconies or any other accessible areas are found under three metres from the ground

Guaranteed Capital

Guaranteed capital is that which you insured in your policy for coverage. Insured capital also exists, which is neither more nor less than the total for your policy and, according to which insurance contract, are specified as coverage and guaranteed capital. For example, if the insured capital in a Life Insurance policy is €100,000 in total, €20,000 of it may be the guaranteed capital for sickness coverage and €30,000 may be the guaranteed capital for Partial Disability coverage.

Housing

Group of walls, roofs, floors and fixed installations such as heating, water, gas, electricity, sanitary facilities, etc.

Housing Inoccupation

This is the transitory period during which neither the Insured Party, nor those people they live with, stay overnight in the insured housing.

Housing rented to third parties

Housing belonging to the Insured Party that has been loaned to third parties by virtue of a rental contract. Free transferral to third parties is considered to be similar to renting.

Housing with wooden beams in the structure or covering

Housing which, despite having incombustible enclosures in their construction, have wooden beams in the building structure or covering.

Industrial mounts

Structures of a technical nature which are used in engineering works, such as those which support the construction of a tunnel, the repairs of a chimney in a factory, etc. or even the series of machinery, equipment and devices in an industrial type of installation. In both cases, the industrial mounts may be the object of study of the design, supervision, construction service tests or maintenance works.

Insured Amount

This is equivalent to “Insured Capital”. The value attributed by the Policyholder to the insured goods and which represents the maximum limit of compensation for CASER to pay in the event of loss and should correspond to the economic loss assumed due to the loss.

Insured party

The natural or legal person who owns the goods exposed to risk.

Insurer

This is a synonym for an insurance company or any entity dedicated to covering risk. For Online Home insurance, this is CAJA DE SEGUROS REUNIDOS, Compañía de Seguros y Reaseguros, S.A., -CASER.

Intermediate floor

The floor in an apartment building where the windows, terraces, balconies or any other accessible areas are found at more than three metres from the ground and are not on the attic floor either.

Jewellery

SObjects that are partially or entirely comprised of precious metals (Gold, Silver, Platinum), pearls, precious or semi-precious stones and whose purpose is personal adornment. Similar to JEWELLERY are precious metal bullions.

Key person

In a company, a key person is a member of the Board of Directors, General Management, Secretary of the Board of Directors, Executives or Managers of the insured company. Otherwise, they may be in charge of specific duties which ensure the operation of the company structure.

Lack of skills

Incompetence, lack of skill. When a person lacks sufficient ability.

Legal costs

Costs which emerge as a consequence of a process culminating in a trial.

Lessee

A natural person who, in exchange for rent, enjoys the use of a house.

Lessor

The owner of the house who, in exchange for rent and by way of a written rental contract, surrenders the use of their property to a third party.

Loft

Sites that are divided into bedrooms and used as housing. Dwellings that comply with the necessary living conditions will also be accepted within this insurance class, although they legally have a different use.

Loss of integrity

The action of rectifying the loss or damage caused by an object belonging to a group and which constitutes a unique artwork, such as an array of Byzantine jewellery or a porcelain tea set from the British Empire, etc. This does not imply that one is to be held liable for the depreciation suffered sue to theses combined damages.

Loss of validity

The definitive loss of validity of one’s driving license. Subject to the regulations in force, and as a general rule, the driving licence may be recovered if the driver passes the relevant tests:

  • - At 3 months for a professional driver.
  • - At 6 months for a non-professional driver.

Main residence

Housing where the Insured Party usually lives, either as the owner or a lessee in the case of a rental contract.

New vehicles

Unregistered vehicles owned by the Policyholder or entrusted to them for the purpose of exhibiting and selling the vehicles.

Objective duty of care

A legal term which obliges a company or entity to ‘take care’ or be aware of what may happen as a result of their activity and which may consequently cause serious harm to third parties.

Objects of Special Value

Caser defines OBJECTS OF SPECIAL VALUE as goods or objects which will be described in detail below and whose unit value is greater than €2,000.

  • - Artworks and art pieces (paintings, antiques, limited editions).
  • - Handicrafts
  • - Carpets and tapestries that are hand-sewn or knotted with precious metal threads.
  • - Cutlery and other objects that are partially or entirely comprised of gold or silver, but which are not considered to be jewellery as their purpose is not for personal adornment.
  • - Skins and furs.
  • - Stamp or coin collections. Stamp or coin collections will be considered, for the purpose of their unit value, as a single object.
  • - Ivory

Over-Insurance

This occurs when the insured amount significantly exceeds the new value of the insured goods.

Owners and users

People who make use of housing or sites, either because they bought and live in them, they bought them and have rented them out or because they live in them in a rental capacity.

Partial disability

An irreversible loss of the bodily function of any organ or limb, occurring as a consequence of the aftermath of an accident.

Particular Conditions

This is a collection of all aspects specifically relating to the individualised risk insured. In particular, it will contain the following:

  • - Name and address of the contracting parties and the Insured Party’s designated beneficiary, if applicable.
  • - Type of risk insured.
  • - Designation of insured objects and their condition
  • - Insured amount or scope of the coverage.
  • - Amount of the premium, extra charges and taxes.
  • - Premium due date, as well as place and method of payment.
  • - Contract duration, expressing the effective start and end date.

Personal information

Any information referring to identifiable natural people: Name and surnames, address, telephone number, ID Card, Social security number, photos, signatures, e-mail addresses, bank details, age, date of birth, sex, nationality, etc. That is to say any information which allows one to identify a determined person.

Planner

An agent who reports to the developer and draws up the project, subject to the technical and urban regulations.

Policy

The agreement through which one of the parties, the Insurer, is obliged to make amends for any damage or pay an amount of money to the other party, the Policyholder, when an eventuality foreseen in the contract is verified to have occurred This service is rendered in return for the Policyholder paying a price, called a premium. Provided there is insurable interest, all class of risks may be covered by the contract, except where expressly prohibited by law.

Policyholder

This is the natural or legal person who enters into the insurance contract and on whom the responsibility of paying the premium falls.

Premium

The price of the insurance.

Product Suppliers

Manufacturers, warehouse people, importers and vendors of construction products.

Professional driver

Any person whose work entails driving a vehicle, whether for transporting goods or people:

  • - Any employed driver who earns their income from driving vehicles.
  • - A driver/owner dedicated to transporting stock, whether belonging to them or others, or the Public Services.
  • - Anyone who does not satisfy these conditions will be considered non-professional drivers.

Property’s value as new

The cost of constructing the property in a new state at the time of loss, without applying depreciation.

Property-related Civil Liability

Civil responsibility whose origins are in the property that is the object of the insurance.

Proportional Rule

If, at the time of a loss occurring, there is an UNDER-INSURANCE, CASER will compensate the damage by the same proportion in which the Insured Amount covers the value of the insured good.

Example: If a good was insured for 60 when it should have been insured for 100, it bears an Under-insurance of 40%. Therefore, in the instance of loss, the compensation will be 60% of the damages assessed.

Provisional Tender Certificates

These are certificates of surety issued that a company issues to submit to the Administration as a compulsory document to apply for a tender (on a project, a grant, etc.).

Real value

The sale price of the insured object, deducting depreciation for use, antiquity, obsolescence or conservation state.

Renouncement of an extension to the proportional rule

The acceptance that each of the capital proposed by CASER entails a derogation of the proportional rule in the instance of a loss. If the underinsurance is less than 30%, CASER will also renounce the application of the proportional rule in the event of loss.

Rental Civil Liability

Damages caused to the property as a result of a fire and/or explosion, including the loss of rent caused by the Lessor during the loss compensation period, when the Insured Party is the Lessee of the property.

Replacement value

The monetary amount which is paid to acquire an artistic asset if it were to be put up for sale, for which the antiquity, condition of wear or conservation of the asset, as well as the law of supply and demand are to be evaluated.

Safe (box)

A box made out of mild steel and concrete, weighing more than 100 kilos and either embedded or pinned into fixed components of the construction. They have safety locks and a combination and are built with materials resistant to breakage, penetration and fire.

Safety glasses

Safety glasses are understood to mean a pair of at least two eyeglasses that are each 4-mm thick and joined together by a sheet of polyvinyl butyral or another similar material.

Secondary residence

A property used sporadically, for weekends, holidays or any other duration periods of less than 6 months.

Any accidental act whose damaging consequences are covered by the policy.

Second-hand cars

Registered vehicles owned by the Policyholder which are found within the insured facilities for the purpose of exhibiting and selling the vehicles.

Security door

Solid wooden doors that are more than 45 mm thick and which have steel armour of 0.8 mm on each side. In the instance of metal doors with a thickness larger than 45 mm, they are to be comprised of two steel sheets each thicker than 1.5mm, joined together by means of metallic edges welded into each other. Both types of door will have a safety lock and the frame needs to be duly reinforced.

Semi-detached housing

Housing exclusively used by the Insured Party and joined to other houses with which is shares side walls.

Severe disability

A loss of bodily functions which renders a person permanently incapacitated, and causes them to require another person to assist them in perform their essential everyday tasks, such as dressing, getting around, eating, etc.

Stock

Spare parts and accessories: pieces, spare parts, packaging and auxiliary products for cars which belong to the insured activity and are used for repairs or sale.

Stockpiles and advances warranty

Should the Administration advance you funds in order to acquire necessary machinery or materials, you will be called upon to submit an endorsement for 100% of these advancements. This endorsement will be cancelled once it has been proven that the advanced funds have been applied to a measure which progress the contract.

Sub-limit

The quantity limit for coverage which is less than the insured quantity limit. For example, if the insured total is €200,000, you may have sub-limit of €20,000 on one coverage, such as Legal defence, meaning that the insured costs for Legal Defence can be no more than €20,000.

Subpopulation

A property located outside the city centre which is not part of any urbanisation.

Surveyor

A person with special theoretical or practical knowledge on a material, and to whom, on this basis, specific points are submitted for their discretion.

In insurance, surveyors usually intervene to provide information on the causes of the loss and to evaluate the damage caused.

Temporary revocation

The suspension of a driving license for a determined period of time imposed by a final court sentence. For insurance purposes, this is between 3 and 12 months.

Third party

Any natural or legal person distinct to the Insured Party or Policyholder. For the purposes of the insurance scheme, neither those that live with the Insured Party, nor their family members up to the third degree of consanguinity or affinity, will be considered third parties.

Third party vehicles

Vehicles registered under the names of people different to the insured person and which fall under the insured facilities for the purpose of being repaired or having some work performed on them/

Total Incapacity

An irreversible loss of the bodily function which renders a person unfit for their profession or usual work position, but which may take up a different profession.

Trusteeship

A contract whereby a person transfers assets to another person so that they may manage them (by investing them, for example) and that, once a certain period of time has expired or a certain condition has been fulfilled, the asset is transferred to the corresponding beneficiary who is normally a minor.

Under-insurance

This occurs when the INSURED AMOUNT is lower than the VALUE AS NEW of the insured goods.

Uninhabited housing

Housing which is not the main residence, nor the secondary house of the Insured Party, nor is it acquiesced to people other than the Insured Party.

Unity of loss

All damages derived from one singular event constitute one sole loss.

For the purposes of Liability Insurance and Legal Expenses, all claims for one or various damages originating from the same or similar causes, will be considered one sole loss. This is the case even if the damages did not all occur simultaneously or if they affect various people or goods.

Warranty enforcement or seizure

Paying the amount of the Warranty as a consequence of claiming on behalf of the Insured Party.

Wooden, adobe or pre-fabricated housing

Houses whose main constructive component is wood and/or adobe. A pre-fabricated house is understood to be built using modular panels or any other analogously characteristic material.