The storm that has affected several parts of the country in recent hours, especially the Valencian Community, but also in Albacete and Malaga, has left devastating images, with dozens of homes and vehicles affected by water. Beyond the human and personal losses, residents will have to face the procedures in the coming days for insurance to cover the damage caused by DANA to their properties. The President of the Government, Pedro Sánchez, highlighted this Wednesday that the Executive will “help with all the resources of the State and the European Union if necessary” so that those affected can “move forward.”
The Minister of Economy, Carlos Body, already announced early this morning that “the Insurance Compensation Consortium is prepared to start working on the ground as soon as possible.” But what is this organism? What should people affected by the storm do?
What is the Insurance Compensation Consortium?
The Insurance Compensation Consortium is a public body, dependent on the Ministry of Economy, Commerce and Business, which is responsible for dealing with compensation resulting from extraordinary events, such as “damage caused by natural phenomena”, such as DANA, “or derived from events of political or social impact.” However, the entity does not cover all cases: it only responds if the user has previously contracted insurance, which is current and up to date with payment.
How to claim compensation for damage to your home
From Facua-Consumidores en Acción they advise affected people to notify the damage “in the shortest time possible.” According to the Consortium on its website, the request for compensation can be processed by the affected parties themselves or by the companies with which they have contracted the insurance. To do so, they must present the policy, the insured’s information and the banking information to receive the income when it is approved. The request can be made by phone —900.222.665— or through the website, if you have an electronic DNI.
The agency clarifies that “the less time that elapses between the occurrence of the damage and the request for compensation, the sooner the corresponding processing will be carried out.” If someone affected does not have their policy, something common in these cases in which the home is damaged or has to be abandoned quickly, they can contact their insurer to obtain this information.
To be entitled to compensation for direct material damage, the contracted policy must include coverage for risks due to fire, theft, glass breakage, damage to machinery, electronic equipment, computers or combined modalities thereof, the public body indicates. In addition, the Consortium also compensates in the event of death, disability or temporary disability, according to the amounts provided for in the insurance that those affected had previously contracted.
Does it cover damage to vehicles?
The Consortium is also responsible for damages caused by extraordinary events on vehicles. In this case, the requirements are more lax: it is still necessary to have insurance, but the mandatory insurance for damage to third parties is sufficient. “Damage will be compensated both in the event that the vehicle was insured with some coverage for damage to the vehicle itself (for example, broken windows, theft or what is known as comprehensive insurance with or without deductible), and in the event that it was only because of a civil liability policy,” he clarifies.
And what about damages or losses in companies?
This public body also covers damages or losses, including profits, caused to companies that were previously insured through private entities. This would range from material damage to the decrease in income due to the cessation of activity caused by the extraordinary event or damage. The Consortium gives an example: “The economic loss due to the cessation of sales due to the direct damage caused by a flood in some food cold storage rooms.”
What this organization clarifies is that the assessment of these losses will be made by the entity itself and will be independent of what, where appropriate, the insurer that covers ordinary risks may have carried out.
How much is the compensation?
In all cases, the Consortium covers damages based on the limits that each insured has contracted with their private insurer. “This means that, when indemnifying, the Consortium will take into account the same assets, the same insured capital and other conditions—first risk, compensation limits, etc.—established in that insurance policy for said contingencies,” they point out.
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