The Insurance Compensation Consortium ( es, Consorcio de Compensación de Seguros, CCS) is a compulsory Government catastrophic risk
insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
in
Spain
, image_flag = Bandera de España.svg
, image_coat = Escudo de España (mazonado).svg
, national_motto = ''Plus ultra'' (Latin)(English: "Further Beyond")
, national_anthem = (English: "Royal March")
, i ...
. It is an insurance tax charged on prescribed classes of insurance issued by private
insurer
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to Hedge ( ...
s, providing cover against a series of extraordinary perils and "
political risks”
Note: This Government scheme covers direct physical damage only. It is expected that a company ensures their commercial
insurance policy
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as ...
covers them against any resulting Business Interruption losses if necessary.
Sources
http://www.isn-inc.com/countryinfo/spain.aspx
There are regulations concerning payment of the Consorcio
tax
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or n ...
within a certain time of the inception date of the policy. The
timeline
A timeline is a display of a list of events in chronological order. It is typically a graphic design showing a long bar labelled with dates paralleling it, and usually contemporaneous events.
Timelines can use any suitable scale representi ...
s are very strict – payment of the tax should be made to the Consorcio office within 7 days (of inception of the policy) for a new risk, and within 30 days for a renewal.
Insurance in Spain
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