It is a feature of the Spanish scheme to define the extraordinary hazards covered in consideration of the potential of causing losses of catastrophic nature, but without conditioning the protection to particular events that affect a very high number of policyholders or a very extensive area, or to the fact that they cause a high amount of losses that allow that event to be officially qualified as a "disaster". It is possible that the loss affects a single policyholder, with full right to the compensation which, therefore, does not require an official declaration of "disaster" or "disaster area" to be issued by the public authorities. In other words, the classification of ‘extraordinary’ hazards is qualitative and not quantitative.

The cover is automatic when one of the following guaranteed events has occurred:

• Natural events: flood (fluvial, pluvial and coastal), wave battering, tidal waves, earthquake, volcanic eruptions, windstorms and tornadoes (unusual cyclonic storms) and the falling of astral bodies and meteorites. The most frequent and costly hazard in the Extraordinary Risk Scheme is flood, and for cover purposes, flood is understood to be the waterlogging of the land produced by rain or melting of snow and ice; by water from lakes with natural outflows, from estuaries or rivers, or from natural water courses on the surface when their normal channels overflow. Likewise, the sea pounding along the coast is included, although no waterlogging occurs. However, the rain directly falling on the insured risk is not included in this concept of flood, or the collection of rainfall by roof or rooftop terrace, the drainage network or patios, as also the flooding caused by the collapse of dams, canals, drains, collectors and other artificial underground channels, except when the breakage has occurred as a direct result of an extraordinary event covered by Consorcio.

  The damages caused by earthquakes, tidal waves, volcanic eruptions and the falling of astral bodies or meteorites are covered previous certification issued by the National Geographic Institute and other competent Public Organisms on the matter. In the case of unusual cyclonic storm: for instance windstorms characterised by the existence of gusts of over 120 km/h and tornadoes, their losses are covered in accordance with the Regulation for Extraordinary Risks Insurance.

• The human-made damages caused violently as a result of terrorism, rebellion, riot and civil commotion
• Events or actions by the Armed Forces or the Law Enforcement Agencies in times of peace.

Consorcio's cover will not come into play and therefore, there will be not right to compensation, when any of the following circumstances occurs (please see article 6 of the Regulation for Extraordinary Risk Insurance):

1. Regarding insurance fields:: lacking an insurance policy for the claimed goods, or that although it is held, it belongs to a branch to which the Extraordinary Risks system does not extend its cover (or charge any surcharge for it). This would be the case of transport insurance, construction and erection policies, civil liability, legal defence and travel assistance. The same exclusion applies to the policies that cover agricultural productions that may be insured using the Combined Agricultural Insurance. (See article 4.a of the Regulation for Extraordinary Risk insurance).
2. Regarding the direct cause of the claim, there will be no cover for extraordinary risks if the cause of the damages is due to a hazard that is not listed within the extraordinary hazards mentioned.
   • Direct rainfall over the insured property or rainfall collected on the roof or rooftop terrace, in the drainage network or the patios.
   • Non-extraordinary winds, characterised by the lack of gusts of over 120 km/h.
   • Hail
   • Snow
   • Leaks, seepage or damp.
   • Breakage of dams, drains or artificial canals (unless the breakage occurs as a result of an extraordinary event).
   • • Elevation of the water table, movement of hillsides, landslides or settling of land, rock falls and similar events, unless these were caused by the action of the rain water which, in turn, could have caused an extraordinary flooding situation in the area and these occurred simultaneously to the aforementioned flooding.
   • Armed conflicts, although there had been no prior declaration of war.
   • Disturbances during authorised demonstrations or legal strikes.
   • Nuclear energy (although the damages caused to nuclear installations as a result of an extraordinary event are covered).
   • Wave swell or ordinary currents affecting items totally or partially submerged in a permanent way.
   • The mere passage of time or the lack of maintenance of the insured article.
   • Events which, due to their magnitude or severity, are qualified by the Spanish Government as a "national disaster or calamity" (this qualification has never occurred in the history of Consorcio, in spite of the important losses caused by some catastrophic events).
3. Regarding the damaged goods, there will be no cover of the damages if these were produced as a result of a defect or fault of the article in question and not due to any of the extraordinary risk covers.
4. Regarding the type of damages: there will be no cover if the damages are indirect or losses of any type derived from direct or indirect damages other than the loss of profit included in the extraordinary risk cover and laid down in the Regulation. For example, damages caused by alterations in the supply of any type of energy are not covered. There won’t be cover of loss of profits or business interruption as a result of the damages suffered by other articles or by the damages suffered by other individuals or corporate bodies than the policyholder, due to, amongst others, the goods or services that they are owing and cannot supply to the policyholder as a result of an extraordinary event.