Presentation

The Consorcio provides compensation for damage caused to people and property as a result of certain natural phenomena (see risks covered), and also as a result of some events deriving from certain political or social occurrences (see risks covered), on the condition that the affected party has an insurance policy contracted in one or some of the branches of insurance in which current legislation establishes the obligation of including cover for the above mentioned risks in their policy coverage.

Regulatory framework

The legal framework for providing cover in Spain for so-called "Extraordinary Risks" is currently presided by the Legal Statutes of the Consorcio, PDF File. Will open up in another window approved by Law 21/1990 dated 19th December which, after subsequent modifications, has been included in the redrafted text approved by Royal Decree 7/2004 dated 29th October, which in turn includes modifications introduced by Law 12/2006 dated 16th May.

The terms under which cover is provided by the Consorcio are at present those that emanate from the Regulations for Insuring Extraordinary Risks, PDF File. Will open up in another window approved by Royal Decree 300/2004 dated 20th February and modified by Royal Decree 1265/2006 dated 8th November), which defines each of the risks covered, the damages that are indemifiable and the scope of the cover. This regulation is representative of the "General Conditions" that should be applied by the Consorcio in covering these risks, and also represents the protection that the Insured must provided at the very least.