As a consequence of torrential rains on October 19, 2014, significant floods have been generated on the island of Tenerife. According to the emergency report prepared by the Insurance Compensation Consortium, there are initial estimates of Approximately 1.700 claims, 1.100 correspond to real estate (housing, offices, shops and industries) and 600 correspond to vehicles. The initially estimated cost amounts to approximately €10 million.
Who can claim compensation?
Those people who have subscribed and in force an insurance policy with a Spanish insurer.
Who pays the compensation?
The Insurance Compensation Consortium. It is a public body dependent on the Ministry of Economy and Finance and in charge of Compensation for insured property in the event of natural catastrophes such as earthquakes, floods, storms, etc.
In the Spanish insurance sector, when contracting a private policy, a tax is being paid to the Consortium and therefore a parallel contract is made with this entity, in the event that extraordinary risks occur.
What damages does the Consortium cover?
All kinds of personal and material damages for which insurance has been taken out. In the case of personal injury, death is included; partial permanent disability, etc. Regarding material damage, compensation includes damage to homes, commercial premises, industries, etc. Loss of profits derived from material damage is also included.
And in the vehicles?
Policies that include some type of damage to the vehicle itself, such as glass breakage, theft or comprehensive insurance. Third-party policies are not included.
How are the grants processed?
In the case of compensation for material damage, it can be requested through the Phone 902 222 665, from Monday to Friday, between 9:00 and 18:00; or through the Consortium website (www.consorseguros.es)
The personal injury must be claimed in writing, presenting the damage communication sheet -which can be found on the Consortium's website- at the corresponding regional delegation of this body.
Who assesses the damage?
The Consortium has a network of experts at the national level, who travel to areas affected by extraordinary phenomena. They are responsible for determining the damage caused and the amount of compensation.
How long does the Consortium take to pay compensation?
El maximum term for payment is three months
What if I don't have any insurance?
The Consortium does not cover damages in the event that a policy has not been contracted. Those affected who are in this case would depend exclusively on aid and subsidies from the administrations.
Save on your insurance with the advice of "Your insurance brokerage in the Canary Islands"