Areas of Activity
Extraordinary Risk Insurance
Consorcio compensates the damages produced by some natural and human-made hazards on insured properties and individuals in the Spanish market.
Consorcio compensates the damages produced by some natural and human-made hazards on insured properties and individuals in the Spanish market.
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What does Consorcio's compensation depend on when the damaged property is a motor car?
The compensation is determined in terms of the amount for the necessary repair and the fair market value (sale value or market value) of the vehicle at the moment prior to the claim. If the amount necessary for the repair exceeds this value, in general, the policies set forth that the fair market price must be paid, with reduction of the value of the remains. If the repair does not exceed this value, the Consorcio will pay the amount of the repair.