What, who, how and when to insure?

What, who, how and when to insure?

For insurance to work effectively, it is necessary to know what can be insured, who is involved in the insurance business, when insurance can or should be taken out, and what the insurance process is like.

In general, almost anything tangible and intangible can be insured. For something to be insurable it must:

What can be insured?

Be something specific tangible or intangible

Be liable to being lost or damaged

Be subject to a lawful valuation

Exist over the length of the contract

Be measurable in money

Regardless of whether something is insurable or not, there is not always insurance for everything. Most insurances policies are pre-established products, designed to cover one or more specific situations.

Who is involved in an insurance contract?

This is the company that assumes the consequences of the risk that is the subject of the cover in an insurance contract. It is synonymous with "insurer".

4. Insured

3. Insured

2. Policyholder

1. Insurance company

In order to understand insurance activity, it is essential to be aware of the different players that may appear in insurance contracts, in other words, the policies.

The person who buys the insurance is known as the policyholder. This is the person who takes out (pays) the insurance contract. They are not always the insured person or the beneficiary.

This the person who themselves (or their property or economic interest) is exposed to the risk.

This is the party who receives the indemnity in the cases provided for in the policy. They usually have a common bond of personal, family or economic interests with the insured or the policyholder.

For situations to be resolved in the most satisfactory way and fairly for both parties, it is necessary to resort to technical, scientific, legal, medical or even artistic criteria. This is where the loss adjuster or technical claims manager gets involved. They are professionals in charge of investigating, verifying and certifying the origin and magnitude of the damage caused.

When to take out insurance?

The decision to insure something is normally made by an individual themselves. Sometimes, to carry out certain activities, there is a legal obligation to take out insurance, for example:

Compulsory civil liability insurance for driving a car

Compulsory sports insurance, in professional sports.

Civil liability insurance for the possession of dangerous animals

Civil liability insurance for recreational or sporting vessels

Civil liability insurance for hunters

It should be borne in mind that it is not enough simply to take out insurance. Exposure to risks must also be reduced through other protective measures, such as healthy lifestyle habits, safe driving, checking domestic appliances, proper maintenance and upkeep of property, and so on.

How to take out insurance?

Nowadays it is possible to take out insurance with full guarantees through multiple channels, even without leaving home, either by telephone or through the internet.

By internet

By telephone

In an office, in person

Always do this if you have doubts, or to contract certain types of insurance that may be more complex.It is advisable to seek the help of a specialist from the beginning, because of their experience and knowledge.

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