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Glossary
The contract

Overinsurance

Situation opposite to underinsurance: the insured sum exceeds the real value of the interest.

In practice

It does not improve the compensation, because insurance cannot be a source of enrichment; it only increases the premium. Either party can demand the reduction of the sum and the return of the excess.

Related terms

UnderinsuranceSituation where the insured capital is less than the real value of the asset.Sum insuredDeclared value of the insured interest. Sets the ceiling for compensation.Market valueMarket price of the asset at the moment before the claim, already depreciated by use and age.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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