Which are your rights when it comes to hire an insurance?

Introduction: A firm blog should never be a monologue

A company blog should never be a monologue because its essence is to serve the customer, supplier or colleague. 

"Finques Feliu by your side" is one of our mottos. To become in a reality we are delighted to give a space in our blog to Brokalia, which is an insurance brokerage. Due to its activity, Brokalia is with great knowledge of cause to questions that, surely, our readers community will have wondered themselves at any given time. 

What is an insurance? What legal framework covers you in the Spanish insurance sector?

Insurance is a contract in which an insurance firm offers the client to protect something so that, in case something happens to him/her, the insurer has to compensate the value of which is insured.

When we sign up for insurance, we are always left with the feeling that we do not understand the contracted service in depth. Insurance is quite complex, with many conditions and concepts that are difficult to understand for people who do not work in the sector. 

In Spain there is a Law that regulates the insurance sector, Law 50/1980, of October 8, 1980, on Insurance Contracts, and this legal framework establishes the rules for both insurers and policyholders. Within the legislation we find the rights of the insured.

Your most important rights as a policyholder:

• Right to receive all information in writing. The general and special conditions (and special conditions, if any) must be clearly written and a copy must be given to the policyholder so that he/she can read them at his/her leisure. In addition, the insured has one month to modify the contract if it does not conform to what has been agreed.
• Right of withdrawal. In other words, the right to cancel the insurance policy without having to give any reason after taking out the policy. In insurance policies, generally, the cancellation period is fourteen (14) days (unless otherwise stated in the terms and conditions). This ensures that you can read all the terms and conditions thoroughly within this period, which we recommend to ensure that you have taken out exactly what you wanted.
• Right to be informed of the renewal of the contract. There are insurance policies that are contracted on an annual basis, and this must be communicated before signing, but also before each renewal so that the policy can be terminated if the citizen so wishes. Generally, the extension can be refused by giving written notice at least one month before the renewal term.
• Right to receive indemnity in less than forty days. Once the loss occurs, we have seven (7) days to notify the company. From then on, the company has at most forty (40) days to pay us the indemnity (provided that the loss was indeed covered by the policy and the appraisal is favorable).

Right to claim. Within the conditions, the way to make a claim must be indicated.

Knowing your rights as an insured will give you the tools to be protected.

María Baro

Communication and Marketing Dept.

Brokalia