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Glossary
The contract

Prescription

Period after which the action to claim against the insurer lapses: two years in property insurance and five in personal insurance.

In practice

It is counted from when the action could be exercised, not from the claim, and any formal claim interrupts and restarts it. A file open without movement for two years is a file at risk.

Where it is addressed

This term is covered in Siniestros and applies when taking out Gestión de Siniestros.

Related terms

ClaimEvent foreseen in the policy whose occurrence gives rise to the obligation to indemnify. The insured must report it within seven days of becoming aware of it.Contradictory appraisalProcedure provided by law when the insured and insurer disagree on the valuation: each party appoints an expert and, if there is no agreement, a third is appointed.Insurer's default interestSurcharge imposed by law on the insurer who does not pay or deposit the compensation on time: the legal interest increased by fifty percent and, after two years, never less than twenty percent.AccidentEvent of violent, sudden, external cause beyond the insured's will that causes bodily or material damage.Direct action of the injured partyRight of the person who has suffered damage to claim compensation directly from the insurer of the responsible party, without going through them.Aggravation of riskChange in declared circumstances that increases the probability or intensity of the claim. The policyholder must communicate it as soon as possible.
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