What is an insurance event?
An event is a fundamental aspect of insurance, as it establishes when and how your insurance company is obliged to deal with an adverse situation.
This article covers everything you need to know about events; from what they are, the different types, not to mention the steps you should take if one occurs.
Understanding what an event is can help you manage your insurance more effectively and know exactly when to trigger the coverage you’ve taken out; whether it’s health, vehicle, or any other type of insurance.
Event: definition and meaning in terms of insurance
An insurance event is when a specific risk covered by the policy occurs, triggering the insurer’s obligation to compensate the insured party in accordance with the terms that have been agreed to in the insurance contract.
To be able to file a claim, the event must meet several key criteria:
- Firstly, it must be a fortuitous and unforeseen event that is explicitly covered by the guarantees set out in the policy.
- What’s more, it must occur while the insurance contract is in force and affect the insurable interest.
The event triggers the insurance protection mechanism, obliging the insurer to assess the damage and, if applicable, pay out the corresponding compensation. Depending on the specific terms of each policy, this compensation may come in the form of a repair, replacement or a financial payout.
Types of events
Events can be classified into a number of different criteria, helping to clarify the nature thereof and the implications for the insured party and the insurer alike.
Events depending on the type of insurance
Each insurance policy covers specific events depending on the risks it covers:
- Car insurance: traffic accidents, collisions, running someone over, vehicle theft, fire, weather-related damage, or vandalism, to name but a few types of car events.
- Home insurance: fires, floods, theft, water damage, explosions, electrical damage or glass breakage.
- Health insurance: illnesses, diagnoses, pregnancy and childbirth, accidents requiring medical attention, surgeries or hospitalisations.
Events depending on the extent of the damage
Events are classified based on the extent of the damage caused:
- Total loss: occurs when the damage is so extensive that repairing the insured property is either impossible or not financially viable. In these cases, the insurer usually pays out the full value of the insured property.
- Partial loss: when the extent of the damage means repairing the insured property is financially viable. Compensation only covers the essential repair costs.
- Constructive loss: an intermediate situation in which, although repairs are technically feasible, the cost exceeds a set percentage of the insured property’s value.
What should you do if an event occurs?
Ensure safety
First of all, make sure nobody is in danger. For example, in a traffic accident, secure the area by marking it off; in the event of a fire, evacuate the area immediately and call the fire brigade.
Report the incident
Get in touch with SegurCaixa Adeslas as soon as possible, preferably within the first 24 hours. You can do this by calling customer service, on the mobile app, or via the online customer area.
Document the damage
Take photos of the damage from different angles, gather together invoices and associated documents, and keep any evidence that could be relevant when it comes to assessing the event.
Do not carry out unauthorised repairs
Avoid having things repaired without getting consent from the insurer beforehand, unless they’re urgent measures to prevent further damage. The best thing is to get in touch with us so we can inform you.
Cooperate with the investigation
Provide all the information and documentation the company requests with a view to properly assessing the event.
Keep documentation
Keep all accident-related documents, including the incident report and the repair estimate invoice.
Follow the expert’s indications
If an expert is sent out to assess the damage, cooperate by granting access and providing all the information required.
What Is An Insurance Loss Adjuster?
What Is An Insurance Loss Adjuster?
Effective event management is of utmost importance when it comes to being awarded fair compensation as quickly as possible. Therefore, it’s important you understand what is covered in your policy and follow the procedures established by your insurer, in this case SegurCaixa Adeslas.