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Damage Insurance
See also Insurance (disambiguation) .
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This article needs references that appear in a reputable publication such as journals, monographs, daily newspapers or websites reliable . This notice was placed on December 12, 2012. can add or advise the principal author of the article on their talk page pasting: {{subst: Notice references | Damage Insurance ~~~~}}
Insurance against damage that can be defined as an insurance contract that seeks compensation for financial loss suffered by the insured. Damage that may result from destruction or deterioration of a concrete (damage insurance on things) well, frustration of legitimate expectations founded expected (loss of earnings insurance) and a decrease in equity (equity insurance).

The general principle of these damage insurance is that insurance can not place the insured in a better position than it has in the period immediately preceding the occurrence of the loss time. The compensation principle is defined by its connection with the principle of unjust enrichment (art. 50/1980 26 Law on Insurance Contracts). The ratio of the compensation principle is found in the social role of liability insurance aimed at preserving wealth.

The elements of personal and real property insurance contract does not show any specificity, the same way as regards the policy, even though this point regarding the possibility of policies estimated in the insurance contract damages are an exception to the principle General interest in fixing the time of the incident, as the parties agree on a fixed value of the interest, which is usually subject to full insurance. The insured may challenge only the estimated value when its acceptance has been given to violence, intimidation or fraud , or when the estimation error is significantly higher than the actual value, corresponding to the occurrence of the incident, posted by experts.

Index [ hide ]
1 Transmission of Interest Insured
2 Settlement of Loss
3 State of the Mortgagee, pawnbrokers and Privileged
4 Subrogation of Insurer
5 Types of Insurance Contract Damages
5.1 Fire Insurance
5.2 Theft Insurance
5.3 Terrestrial Transport Insurance
5.4 Business Interruption Insurance
5.5 Surety Insurance
5.6 Credit Insurance
5.7 Liability Insurance
5.8 Security Legal Defense
5.9 Insurance for Large Risks
5.10 Insurance Other damage not covered by the LCS
5.10.1 Features of compulsory insurance
6 References
Insured Interest Transmission [ edit ]
The transmission of the insured object involves insurance, unless otherwise agreed in general condition for registered non-mandatory policies risk. The transmission must be communicated in writing to the insurer within 15 days, which may exercise the right of rescission to the purchaser. Acquirer holds the same right. If terminated by the insurer shall return the unearned premiums. If it is terminated by the insured, the premium the insurer endorses. This discipline transmission also applies to cases of death, insolvency, bankruptcy, debt reduction and expected competition policy holder or the insured. The right of rescission does not have policies issued to order or to bearer; this due to the nature of the same for the circulation of the policy.

Settlement of Loss [ edit ]
The insured must prove the pre-existence of the insured object, constituting a presumption in favor of the policy content. If the parties do not agree on the valuation of damage, this will be done by experts. The designation of experts shall be by the parties. If a party fails to appoint an expert, means accepting the other party, provided that there has been a request from the other party and the course of eight days. If no agreement between the parties, shall be reflected in a joint document, which shall state the cause of the accident, the assessment of damages, other circumstances affecting the determination of compensation and the compensation offer. (In Crop Insurance , the Insured normally contractually accepts the evaluator Perito damage -Technical agronomist will send the Insurer arbitration mechanisms in the event that the Insured does not accept the expertise is made ​​in the number of days prescribed deadlines.. - to report a casualty for the peritaje- vary with the companies, countries and different laws. Regarding the minutes where damage -Birth Peritaje- should be the result of, agronomic, objective measure of damages is established, and not an "agreement" necessarily contain subjective elements in a subject that may represent important amounts of money.)

If there is no agreement among experts should appoint a third expert compliance and the absence of this, the appointment shall be the judge of 1st Instance of the place where the property is found, in the act of voluntary jurisdiction. The opinion of the experts, by unanimity or majority, notify the parties immediately and beyond doubt, and shall be binding on them, except legal challenge within 30 days in the case of 180 days to the insurer or the insured , computing both time periods from the date of notification of the decision. If not contested by the insurer must pay within 5 days, and if it does not compensation will increase by 20% and legal costs if legal claim of the insured. If the insurer challenges the expert opinion shall pay the minimum amount offered to the insured.

Each party shall pay the fees of expert witnesses, who may be subject to specific asegurativa coverage. The third expert and other expenses will be in half, although it should be held accountable for all costs to the party that has always caused the damage assessment is manifestly disproportionate. (This last paragraph and the previous one, and several of those that follow, refer to the particular case of Spain. Repetimos minor features that have extra capacity limits, judicial mechanisms, costs, etc. are different in each country.)

Situation of Mortgagee, pawnbrokers and Privileged [ edit ]
The Insurance Contract Act provides for protection of creditors mortgage , collateral security and privileged setting the real subrogation of compensation in lieu of the damaged well, and the duty of insurance information, so that non-payment of premium shall be notified Serles being unenforceable contract termination until one month after they were told that the fact that motivated extinction. Suspended the payment of compensation as loan guarantees are not provided. In case of conflict the insurer is obliged to deposit compensation under art. 1176 of the Civil Code.

Subrogation of Insurance [ Edit ]
The subrogation of the insurer, the mentioned Article 43 of Law 50/80 of 8 October and Insurance Contract is typical property insurance, not being operational in personal insurance expressly excluded by Article 82 of that law. It consists of the exercise by the underwriter of the rights that had the insured or the policyholder and also to engage the appropriate actions against the tortfeasor. The legitimacy of this right is based on preventing the insured is enriched by simultaneous exercise of actions and damage insurance. This prerogative of the insurance is not mandatory, however, the insurer may not subrogate against the insured himself against people who should be responsible civilly, or against persons or relatives who live with them, except that the appropriate responsibility from the willful misconduct of such persons, in which case, these exclusions have no effect; or in liability insurance in accordance with Article 43.3 of the same Act.

Contractual Damage Insurance Types [ edit ]
Under the generic name of Damage waiver, the Spanish Law governs 8 different types of insurance:

the fire
the theft
the land transport
the lost profits
the surety
the credit
the liability
Top three: fire, theft and ground transportation, are safe from damage in the strict sense, the security interest rests on specific things and specific; the other five are safe equity, in which the interest is secured affects overall asegura¬do heritage rather than concrete and specific goods.

Outside the casualty insurance regulated by Law there are others who come into this generic name as well: agricultural insurance, the general auto liability and Hunter.

Fire Insurance [ Edit ]
The Act defines it as a contract of insurance by which the insurer undertakes within the limits established by law and the contract to compensate the damage caused by fire in the insured object. Fire burning and burning flame is considered capable of spreading, of an object or objects that were not designed to be burned in place and when it occurs. The insured property must be described in the policy, the law in its art. 46 describes the assets that are included in the notion of furniture: things ordinary or common insured, their family use, dependents and others living with him, excluding, unless otherwise agreed, the insurance coverage the damage caused by the fire in public and private securities, commercial paper, bank notes, precious stones and metals, art objects and other valuables being in the insured object although proving its existence and destruction and deterioration the incident. If the damage caused by the action by the authority or secured to prevent, stop or extinguish the fire, transportation costs or saving the insured property and its disappearance, unless the insurer proves that were stolen included. Not covered are called indirect damage as changing alignment in the damaged buildings, lack of rental or use, termination, suspension or cessation of work, lack of profits or any other similar damage. The obligation to indemnify is imposed when the fire occurred due to accident, ill will of strangers and own or people who neglect is answered civilly, but not those caused by intent or gross insured's fault, and provided that the destruction or deterioration of the objects on which rests the security interest occurs in the place described in the policy, unless the transfer has previously been accepted by the insurer. This type of insurance can also cover, of an additional premium, the locative risk and resource neighbors. So the locative risk refers to both the insured's liability, tenant damaged building, opposite the owner, as the owner's liability against tenants or third parties. The neighboring resort called risk is related to civil liability, conse¬cuencia of actions against the insured can run a third party resulting from the spread of fire. As for the duration of the fire insurance shall be regulated under the general conditions, if stipulated by a period when due shall mean tacitly extended for a period not exceeding one year.

Theft Insurance [ Edit ]
It is defined as a contract of insurance whereby the insurer undertakes, within the limits established by law and the contract to indemnify damages resulting from the unlawful taking by others of the goods insured. Coverage includes damage caused by the crime in all its forms. Extending compensation, not just the value of the interest of the insured, but also the damage resulting from the offense, which may be delimited with greater or lesser extent on the policy. Unless otherwise agreed, the extraordinary risks insured are excluded Compensation Consortium . Casualties caused by gross negligence of the insured, the policyholder or persons under their jurisdiction or who live with them, as well as those occurring outside the place described in the policy or occurring during transport are also excluded unless both circumstances they had been expressly agreed to by the insurer. Finally, the drop is allowed, if collected the contract, ie, the insured, when the object is not found in a period, is entitled to claim the entire sum insured in exchange for ceding insurer their rights the subject matter of the security interest has been recovered.

Insurance Land Transport [ edit ]
In Spain the art. 54 of the Act defines an insurance contract as a contract by which the insurer undertakes, within the limits established by law and the contract, to compensate for the damage that may occur during or following transport goods ported, the medium used or other insured property.

In the case of combined carriage of the insurance contract law applies if the land is the main path. Otherwise the discipline of maritime or air transport applies. Standing to the insurance extends to the commission and transport agencies.

Coverage begins unless otherwise agreed, since the mercan¬cías are delivered to the carrier and ends when the recipient is delivered to the destination. You can agree the extension of insurance to risks affecting the goods from leaving the warehouse or home charger until they enter the store or recipient's address, and even cover the temporary storage of goods and vehicle immobilization or its change during the trip by own transport incidents.

They are typical of this insurance contract features:

The policy is usually floating or fertilizer. Premiums are payable on each trip or expedition under the percentage specified in the policy or fee attached to it with.
This is usually done on their own or who may be, thereby to transfer the security or any purchaser of the goods during transport.
It is based on the principle of universality of risk insurance. Although typically establish exclusion policies that cut the breadth of this postulate.
The contract may be for a specified period or on a journey, setting a time-limit of six months for the claim of damages beyond the end of the contract. With respect to the payment of compensation, the insured will not lose their right to compensation for the loss, when it has altered the means of transport, itinerary or trip limits or it has been made from a different time than expected, while the modification is attributable to the insured.

The indemnity agreement is governed by the following rules:

Shall be deemed included in the salvage charges that are necessary to perform redirection of insured items carried.
In case of total loss of the vehicle, the insured may abandon the insurer, if it had been agreed.
Failing estimation, compensation will cover, in case of total loss, the price had the goods at the place and at the time they are placed and also all expenses incurred to deliver them to transpor¬tista and price sure if you fall on the insured.
When insurance covers risks of goods intended for sale, compensation is governed by the value that the goods are at the place of destination.
Finally we note some special transport insurance, insurance practiced in special policies:

The transport of values: is levied on interest on commercial or industrial purposes, government securities, lottery tickets or Bank or similar documents.
Safe transport of packages: falls on interest on things carefully packed in sealed packages or boxes, leaving the company liable under the package weight to a maximum amount.
Insurance of cars in traffic: covers the risks of destruction, damage or direct damage suffered by the insured material, both on tour and stay in railway stations, sidings, sheds and enclosures repairers.
Business Interruption Insurance [ Edit ]
Is regulated as a contract of insurance for him that the insurer undertakes, within the limits established by law and the contract to indemnify the insured loss of economic efficiency that could be achieved in an event or activity not occurred the incident described in the contract. This type of insurance may be held as a separate contract or added as a covenant to another of a different nature. This insurance covers risks afectantes to several lucrative operations in the default policy, or fall on the activity of a business enterprise, ensuring the loss of benefits and overhead that the holder of that is to continue to endure when it is full or partially paralyzed as a result of certain events in the contract. In the event that insurance coexist lost profits and other damages on the same object, but with different insurer, the insured shall notify each of the insurers the existence of other insurance. The compensation to meet by law, unless otherwise agreed, will be:

Loss of benefits that occur during the loss period provided in the policy.
Overheads continue taxing the insured after the occurrence of the claim.
Expenses directly resulting from the incident.
When the contract is aimed only lost profits, the parties can not predetermine the amount of compensation.

Surety [ edit ]
Main article: Insurance bond
The law defines it as a contract of insurance whereby the insurer undertakes, in the event of default by the policyholder of its legal or contractual obligations to indemnify the insured as compensation or penalty suffered property damage within the limits established by law or contract. Any payment by the insurer shall be reimbursed to the policyholder. In short it is a contract signed by the policyholder to ensure compliance with certain obligations contracted with the insured. The conditions of this insurance are: strengthening insurance advance payments for housing; surety bond in favor of the public administration, as well as those with contractual origin such as those relating to works or those required to practice a profession: insurance broker.

There has been some academic writers who have been denied insurance character, attributing the legal nature of a consolidation of insurance. Today most inclines to the doctrine that we are facing an insurance contract, which has been legally assert, when picked up Law as a form of casualty insurance.

Credit Insurance [ Edit ]
In credit insurance contract the insurer undertakes, within the limits established by law and the contract to indemnify the insured final losses as a result of experiencing the ultimate insolvency of their debtors.

The cases in which the final insolvency of the debtor shall be deemed to be existing:

When you have been declared bankrupt by a final court decision.
When it has been judicially approved an agreement in which an amount is removed from the set.
When writ of execution has been shipped or pressure, but without the resulting free goods enough for payment.
When the insured and the insurer, by mutual agreement, the loan is deemed uncollectible.
However, after 6 months from the insured to the insurer notice of loan default, he shall pay him 50% of the agreed coverage with provisionally and subsequent final settlement.

The amount of compensation is determined by a percentage of the final loss to be established in the policy to which effect will be added to the amount of outstanding claim the costs incurred by the efforts of recovery, court costs and any other expressly agreed. This percentage does not include the benefits of the insured, or be less than 50% of the final loss.

Credit insurance was introduced in Spain in 1929 , through the founding of Credit and Surety . The Finance Act for 1990 liberalized hiring risk export credit, which can be covered by any insurance company authorized to operations in the field of credit insurance and surety in keeping the State to take certain risks: market surveys, attending fairs, exchange differences, bank guarantees, works and abroad, foreign investments, foreign exchange buyer credits and others that may cover foreign currency.

Liability Insurance [ Edit ]
See also: Liability
In liability insurance the insurer undertakes, within the limits established by law and the contract, to cover the risk of birth by the insured of the obligation to indemnify a third party for damages caused by an act provided in the contract whose consequences the insured is liable in accordance with law. But, despite the name, no civil liability will be hedged. So excluding the civil liability for the fraud of the insured. Only Liability ensures the fault or liability for accidental or unintentionally to people or damage. At the same time covers beyond the limits of the liability itself, leaving the company by the amount of the insured's legal defense expenses on condition that this is done with defense lawyers and experts appointed by it. The insurer is always obligated to assume the debt of the insured up to the limit of your warranty (sum insured), or a limited, if insurance was agreed in this way. The insured also pay the premium and report the accident to the insurer, in this mode imposes other obligations:

Leave the address of the insurer and advocacy efforts secured in the ground or out of court.
Refrain from recognizing in any way responsible.
Cooperate in the efforts in relation to the incident prompted the insurer.
Their failure usually carries with the loss of their rights by the insured.

The performance of the insurer is to pay, within the limits of the contract, the monetary compensation that the insured has to satisfy civil liability in respect of the third damaged. The right holder is the insured, not the third, which is not part of the contract.

The injured have direct action against the insurer to enforce the obligation to indemnify, action passes to his heirs. The insurer repeated action against the insured in the event that it is because of this misconduct, damage or injury to third.

Legal Expenses Insurance [ Edit ]
This method is incorporated into Spanish law by the Act of 19 December 1990 is defined as a contract whereby the insurer undertakes to bear the expenses incurred by the insured as a result of their involvement in a procedure administrative , judicial or arbitration services and to provide judicial or assistance in connection with insurance coverage.

Fall outside the coverage of this insurance: the payment of fines as compensation for expenses incurred any penalties imposed on the insured by the administrative or judicial authorities, the defendant also apply to legal expenses insurance liability or legal expenses or travel assistance which deals with disputes or risks by use of ships and marine vessels.

The law requires that the policy include the right to free choice of solicitor and barrister and provides a procedure for settling differences between insurer and insured.

Insurance for Large Risks [ edit ]
Are considered high risk according to the law:

The rail vehicle, air, sea, lake and river vehicles, transported goods, liability in air, sea, lake and river vessels.
The credit and surety when the policyholder is engaged professionally in an industrial, commercial or professional activity and the risks relate to such activity.
The non-railway land vehicles, fire and natural elements, other property damage, liability in land vehicles, civil respon¬sabilidad general and pecuniary losses when they exceed the limits established by law.
Other damage insurance not included in the LCS [ edit ]
See also: Auto Insurance
Agricultural insurance: comprising different insurance to protect against the risk that threaten agricultural and forestry interests. Like this:
Agricultural: hail, fire, drought, frost, floods ... etc.
Livestock: death, disablement or compulsory slaughter and loss of the specific role of livestock as a result of accident, illness or epizoofia.
Forest: fire extinguishing work expenses and compensation to injured persons in it.
Mandatory Auto Insurance, vehicle insurance : practiced under three basic models:
Combined insurance for fire, theft and damage to the car itself.
Insurance against civil liability in respect of damage caused by the vehicle to other people or things of others.
Comprehensive insurance: covers the risks of the two.
The nuclear liability insurance: covers the risks inherent in the peaceful uses of nuclear energy.
The liability insurance of the fowler covers the obligation of every hunter with weapons of any damage caused to these people, during the act of hunting. It is regulated by Royal Decree 63/1994. 1
Features compulsory insurance [ edit ]
Compulsory insurance is characterized by:

It is a compulsory insurance (by law) but in turn support other is agreed freely.
It covers civil liability arising from the duty of every driver of a motor vehicle repair damage to things in connection with the use of a vehicle body damage to third parties.
The scope of this insurance covers the liability to pay medical or personal expenses incurred by persons for acts of circulation. Excluded damage to the insured vehicle and the driver and coverage is practiced in a number of conditions and maximum per person listed in the rules.

The insurance of civil liability is a contract that guarantees the financial consequences to the insured when it causes damage or injury to a third party either by his own act, negligence, imprudence, children, servants, animal or thing which he is responsible.

This type of contract is for individuals, professionals, companies and associations.

The liability insurer indemnify in respect of cover, the victim of a prejudice his client is responsible. The insurer does not warrant criminal sanctions.

The liability insurance is insurance indemnity principle. that is to say, the victim compensation corresponding to the damages, to the extent that it provides three tests: the harmful, injury and a causal one .

There are many types of contract liability, some of which are required in different countries.

Car insurance
Boat Insurance in France
Construction insurance
Liability insurance privacy
Medical liability insurance
Civil liability exploitation
Liability for defective products
Liability building owner
Liability officer
Rental Liability

The liability is an area of law in the Roman-Germanic traditions of law , to repair the breach of an obligation or duty to others. It is intended to compensate a victim.

Liability is usually divided into two main areas: contractual liability and tort (sometimes called tort). In many countries, civil liability is governed by a set of articles of the Civil Code 1 , 2 .

Liability frequently opposes criminal liability . In the first case, the goal is to compensate the loss suffered by a person while in the second case, it is a response against the state for breach of a rule (usually resulting in a fine or imprisonment).
Liability is not something that resides in the legal traditions of common law . Instead, these traditions have different branches of law which plays a similar role: the tort , the law of contract , etc.

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