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If you are thinking of buying property in Spain or living in Spain, you should consider applying for the following insurance policies:
Cancellation of the Insurance policy
- By the Insurance company:
- If the insured has lied on the application or in a claim.
- If the risk covered is increased.
- If the insured property or car is sold
- If the Insured does not pay the premium after 30-days grace period; the Insurance company will always give to the insured an opportunity to pay the premium without affecting his rights under the policy.
- If the insurance company refuses to modify the policy when new circumstances cause the premium to be reduced.
If the insured risk happens
If the insured risk happens the policy taker or the beneficiary shall notify the insurance company within 7 working days, unless other period is agreed in the insurance contract. The assured must make a list of the items lost or damaged. The insurance company will investigate it and value the damages, and if the information is correct, then pay an indemnity or repair the insured object |
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