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Glossary
The contract

Sum insured

Declared value of the insured interest. Sets the ceiling for compensation.

In practice

If it falls below the real value, it activates the proportional rule; if it exceeds it, it only increases the premium. It is the figure that ages the most in a policy, because the replacement cost rises and the declared capital remains static.

Related terms

Limit of indemnityMaximum amount that the insurer will pay per claim or per insurance period. Different from the sum insured and the sublimits per guarantee.UnderinsuranceSituation where the insured capital is less than the real value of the asset.Replacement value as newCost of replacing an asset with an equivalent one without deducting depreciation for use or 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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