In order to be entitled to compensation from Consorcio for the damages suffered as a result of an event caused by the stated ‘extraordinary’ hazards and thus liable to be covered by Consorcio, the following conditions must be met:

1. Protection against extraordinary risks is compulsorily linked to the valid subscription of an insurance policy in certain fields.. The fact of subscribing an insurance cover in any of the fields below (or any combination of them) will be accompanied by the obligation of having covered the same goods at least for the same insured amounts, against extraordinary risks.
2. b. The fields that automatically include cover for extraordinary risks are the following:
   • In property damage insurance: fires and natural events, land vehicles (damages to the vehicle in any case, and from July 2016, also the insurance policies that cover only third-party liability), railway vehicles, other damages to the goods (theft, breakage of windows, damages to machinery, electronic equipment and computers), sundry financial losses and combined modalities of the above.
   • In personal injury insurance: life and accidents, although these covers are contracted in a complementary way to another type of insurance or within the framework of a pension plan.
3. Payment of the premium. In order for Consorcio to pay the compensation for extraordinary risks, the policyholder must be up-to-date in the payment of the policy's premium for the insurance in any of the abovementioned fields, where a surcharge is included in favour of Consorcio de Compensación de Seguros, which must appear expressly mentioned on the receipt.
4. Latency period The affected person will be entitled to Consorcio's compensation once 7 days have passed from the policy issue date, or from the date of it coming into effect, if this were to be later, unless the inexistence of insurable interest may be demonstrated prior to this date. The cover will not be understood to have been interrupted and therefore the period of grace will be inapplicable when the issue of a new policy occurs before the legal suspension of the effects of the previous one. This latency period is only applicable in property damage from natural events. Personal injury is exempt from any latency period, whatever the reason that caused the accident claim as well as the property damage when having a human-made cause.

This period of grace is only applicable in material losses for natural events, and personal damages are exempt from a period of grace, whatever the reason that caused the accident claim and the material damages, if they had occurred for events derived from human will.