Asesoría de empresas | Barranco Asesores.

In our capacity as mediators, we are advisors who give recommendations to our clients on the type of insurance and coverage that would suit them according to their personal situation and also analyze the risks to which they would be exposed to and the economic damage that could arise as a result.

With this analysis, we note what type of insurance suits each of our clients to ensure proper coverage of the insured goods.

We are experts who work for an insurance company, in our case we are sole agents of a prestigious insurance company called REALE which offers a wide range of types of insurance in the three types of protection that are fundamentally demanded and will be demanded in the future, in the coverage of the risks to people, assets and services.

THE INSURANCE CONTRACT

Insurance constitutes an effective means for the protection of individuals against the consequences of the risks. It is based on transferring the risks to an insurance company that is in charge of compensation for all or part of the harm that is caused by the occurrence of an event provided for in the insurance contract. It is a formula of cover very useful and widespread in our modern society. It involves paying an amount and receiving in exchange a financial compensation or a service provided that arises from a situation referred to in the policy.

THOSE WHO ARE INVOLVED IN AN INSURANCE CONTRACT

Policy Holder

The buyer of the insurance policy is called the policy holder. It is the person who subscribes to (pays for) the contract with the insurance company. It is not always the insured person or the beneficiary.
What are their rights?
The policyholder has the right to:
Request information before signing the contract, since they must be aware of the scope of the contracted coverage, the issues in the case of accidents occurring and how to apply for the services offered by the insurer.
Ask that changes be made to the policy: in terms of coverage, the beneficiaries, the billing address, or the way to make incremental payments of the premiums, to terminate the contract, etc

What are their obligations?
Their essential obligation is payment of the agreed premium.

The Insured

It is the person who is exposed to the risk in itself (or its goods or its economic interest).
For example:
1. In life insurance, the insured is the person on whose life the contract (their survival or death) is based in a given period of time.
2. In fire insurance, the insured is either the owner of the property covered in the policy or the named party covered in the policy

What are their rights?

The insured has the right to know that insurance on his life or his property has been taken out, since you must give express consent to take out insurance.
For example, to sign a life insurance, the insured must accurately complete a declaration of health, customs, etc.

What are your obligations?

When goods are insured the insured party must guard it, protect it and take the necessary precautions to not promote an occurrence of loss. When the goods have been damaged, take appropriate measures to minimize the consequences and avoid any increase in the damage.
For example, surveillance or control after an accident with a car to prevent its theft.

The Beneficiary

It is the person who receives the compensation in the cases provided for in the policy. They tend to have a common bond of personal, family or economic interests with the insured or the policyholder.
Example: in life insurance, the beneficiaries in the case of death tend to be family members (spouses and children) to the insured that is the person who has died. Although in the conditions of the policy you can designate anyone as beneficiary.
What are their rights?
The essential right of the beneficiary is to receive compensation calculated according to the loss and damage caused by the same.

What are their obligations?
Identify themselves to the insurance company to verify their right to receive the agreed provision.

Other people involved. Expert or technical claims manager

Within the variety of cases that are in the insurance business, a large proportion correspond to concepts that can be interpreted and understood in different ways by each of the people involved.
Due to these differences or contradictions it is often necessary to resort to technical, scientific, legal, medical, or even artistic criteria so that situations are resolved in the most satisfactory and fair way for both parties.
For example, often in a fire, insurance payment of compensation depends on the origin of the same, which is not always easy to determine; normally, in these cases a technical expert is called in.

Other professionals
The consequence of a loss covered by insurance is compensation. This may be economic or, in many cases, the provision of a service.
This type of professional service can be very diverse: from the repair of material damage (Painters, plumbers, electricians, etc.) to the advice given in multiple economic and legal conditions (lawyers, economists, managers, etc.), going through the medical and personal services (funeral managers, physiotherapists, doctors, etc.).
These professionals may or may not belong to the insurance company, but always act under their responsibility.

OBLIGATION TO TAKE OUT INSURANCE

For certain activities, or to start certain businesses, it is obligatory to take out some insurance, since the laws so determine it.

One of the immediate consequences of insurance is to have the peace of mind that the important things in life are safe. The risks will continue to be there, but its consequences will be, by far, much less serious.

You should always bear in mind that it isn’t enough to just have insurance one should also reduce exposure to risks by other protective measures, as for example: through healthy lifestyle habits, with safe driving, by reviewing domestic installations, preserving and properly maintaining the property, etc.

Some examples of mandatory insurance for which we have a wide selection in our Department at competitive prices and market:

• Liability insurance mandatory for the driving of motor vehicles. To be able to drive a vehicle in Spain, it is essential to take out this insurance.
• Insurance of civil liability of hunters.
• Insurance of civil responsibility for recreational activities or sports and civil liability of the use of personal watercraft and of accidents from those intended for rental.
• Insurance guaranteeing the fulfillment of the pension obligations provided for in collective agreements in the charge of companies and in favour of its workers.
• Insurance of life and accidents considered mandatory in collective agreements.
• Compulsory sports insurance, to be signed by the sports federations to athletes enrolled with them, involved in State level competitions, protecting health risks arising from the practice of sport.
• Insurance of civil responsibility for ownership of potentially dangerous animals. For example, in Spain the possession of certain breeds of dogs (among others, Pit Bull Terrier, Rottweiler, Dogo Argentino) is regulated by law and obliges the subscription of a civil liability insurance that covers any damage that the dog causes.
•Mandatory Travel Insurance is an individual accident insurance for those who suffer death, permanent disability or temporary disability produced on the occasion of the travelling on public transport. A part of the price of a bus ticket is precisely to pay compulsory insurance of travelers (SOV).
• Unlimited civil liability insurance for companies transporting students and children.

TYPES OF INSURANCE

To continue, we will now briefly describe the three fundamental areas of coverage of risks that we offer to our customers.

PERSONAL INSURANCE
In personal insurance, the insured object is the person. It protects the individual in the occurrence of an event that affects you directly, such as the death, struggle for survival, a change in their health or, on some occasions, their mental integrity.

Life insurance

The fundamental characteristic of life insurance is that the payment of the amount agreed upon in the contract depends on the death or survival of the insured.

Personal accident insurance
Personal accident insurance aims to provide compensation in the event of accidents causing the death or disability of the insured.

Health insurance or disease
Health insurance or disease provides the holder and their family health care and occasionally economic coverage, in the event of any medical condition or disease.
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Dependency Insurance
Dependency is the situation in which a person cannot fend for themselves
The increase in life expectancy is generating a progressive increase of dependent persons; to this reality must be added dependency for reasons of illness and other causes of disability or limitation.
The laws have been incorporating a system of public benefits based on aid for the care of persons who are in a situation of dependency. For its part, the insurance business is developing complementary products suited to these needs.
Its object is to ensure compensation in the form of income, capital or provision of a service provided that the insured person is in a situation of dependency.

Property damage insurance

Fire Insurance
This guarantees the insured party compensation in case of a fire in the specific property in the policy or the repair or replacement of defective parts, including the damage caused by extinguishing the fire.

Civil Liability Insurance

The insurer undertakes to indemnify the insured of the damage that can happen to their assets as a result of a claim made by a third party.

Its coverage aims to:

Cover the payment of the compensation for bodily, material or property damage caused to third parties that could be the fault of the insured or of the persons who must answer, by facts arising from their private or professional life.
The creation of guarantees and legal costs required from the insured for claims by a third party, provided that the reason for the claim is included in this coverage.
Some facts expressly included in the liability coverage among many others are derivatives of:

• The insured in their position as head of the family and of the people who they are responsible for.
• As the owner or tenant of housing considered the residence of the insured.
• Damage as a result of water, fire or explosion caused to third parties.
• For acts or oversight of domestic employees.
• Owner of domestic animals.

Typical and widespread coverage exclusions of private civil liability are, among others:

•Participating in betting, challenges or competitions.
• For damage to property of third parties in possession of the insured.
• Relatives up to the second degree of kinship or people living with the insured.
• Sanctions, fines or non-payment of the same.

Car Insurance
The automobile insurance aims, fundamentally, to repair or compensate the accidental damage to third-party vehicles and to the insured vehicle.
The main coverage is to ensure the damage caused to third parties in the use of a vehicle (civil liability of the car). In Spain, all owners of motor vehicles are obliged to have an insurance for each vehicle they own.
The compulsory insurance of civil liability in the same policy may include the coverage that is freely agreed upon between the policyholder and the insurer.
The most common complementary coverage is:

• Complementary Civil Liability.
• Damage and fire caused to the insured vehicle.
• Theft of the insured vehicle.
• Windscreen breakage and windows of the vehicle.
• Personal Accidents for occupants of the insured vehicle.
• Travel Assistance.
• Provision for withdrawal of a driving license.
• Replacement of the insured vehicle.

Multi-cover insurance
A number of significant risks for the insured are covered in a single. Because of its importance, the fully comprehensive home insurance policy is highlighted, but there are many others, such as the fully comprehensive insurance policy of shops, industrial, etc.
Fully Comprehensive Home Insurance policy
This insurance is intended to protect the insured losses or damages which may arise from accidents at home.

The guarantees that are usually set in a home insurance are the following:

1. Material damage

Material damage is the one that affects the assets of a person. In this coverage losses to the property and its contents are insured under the policy.
In order to redress the losses suffered to the assets of the policyholder caused by accidents, multi-risk insurance policies have, among others, the following guarantees: fire, theft, water damage and broken windows.

2. Civil Liability
Insurance Company undertakes to indemnify the insured of the damage that can affect their assets as a result of a claim by a third party.

3. Assistance
This warranty usually covers:

• Travel Assistance, on the occasion of temporary trips.
• Assistance in the home or residence that provides services to unforeseen events that occur in the insured home.

4. Additional coverages

Depending on the insurer that offers the product, there can be included more coverage and clauses, such as the following:

• Coverage for vehicles in the interior of garages: Compensation for damage to cars as a result of fire, explosion, lightning and theft or robbery. What may not be included in this warranty, depending on the conditions that may be agreed upon in the policy, are additional accessories such as the radio, CD or similar equipment.

• Coverage for aesthetic damage: In this clause the Company will reimburse, up to a limit per claim detailed in the conditions of the insurance policy, replacement costs necessary to restore the aesthetic appearance that they had prior to the incident.

Example: If the wáter pipe of a bath in a house breaks the insurer is responsible for its repair; to fix the fault has required breaking a wall and therefore some tiles. However, these tiles are no longer available for sale and if others are used the bathroom would look unsightly with tiles of two types, as similar as they might be. In that case, it is considered that there is cosmetic damage.
If aesthetic damage is covered by the insurance policy then the insurance company should replace all the tiles in the bathroom so that after the fault, the appearance of the bathroom is similar to it’s previous state. To do this, the insurer must pay compensation that will include

INSURANCE SERVICES

Legal Expenses Insurance
Legal expenses insurance protects the insured against the litigation which may occur, always depending on the conditions that may be agreed upon in the policy.
Its main coverage is based on the costs that may arise to the insured as a result of their involvement in a judicial process, and the provision of legal aid services, judicial and extrajudicial, derived from the insurance coverage.
Excluded from this coverage are the payment of fines and compensation for any expenses caused by sanctions imposed to the insured by the administrative or judicial authorities.

Travel assistance insurance
This type of insurance policy provides the policyholder with a series of services whose purpose is to resolve the incidents of diverse nature that have arisen to him or to those who accompany him during the course of a trip.
The assistance is provided both to the insured vehicle as well as the people who are traveling in it.

Funeral insurance
Its purpose is to ensure the provision of the funeral service contracted upon the death of each of the insured or the reimbursement of the amounts agreed in the policy.
The funeral service is defined in the policy as the set of items and services necessary to carry out the funeral of the deceased, as well as the other guarantees covered by the policy and described in detail in the policy.
Normally a series of additional guarantees are included in the policy such as those related to the transfer of the mortal remains of the insured to the place of burial or incineration.

Our Insurance Department will be able to give a comprehensive response to your coverage needs in the areas of personal protection, property and services. Do not hesitate to contact us.