home insurance, the Consortium

Home insurance have a period for claims of the consortium of extraordinary risks caused by natural phenomena usually unnoticed, because there are many factors in home insurance accoune, that they obviously cannot be aware of all of them.

This grace period is 7 days from the datt in the of effect and applies only in material losses by events of nature, being exempt from exclusion period the injury, what ever thecause of the accident, and damage, if they had been produced by facts derived from the human will.

See article 8 of the regulation of the extraordinary risks home insurance

 

NEW HIRES WITHOUT REPLACEMENT

In this case there is no much to explain, as when insurance is contracted for the firsttime we have to be aware that there is this grace period, except when the risk to make, did not exist prior to the date of the policy.

It can also happen that we ring insurance and after 10 days, or months back itto make, but we can not consider it replacement. Here also the deductible period will apply the Consortium.

Here is where errors may arise to think that we are doing well replacement, when it is not.

home insurance
home insurance

The Consortium does not apply grace period when there is replacement, understood this as a continuation of insurance, without interruption.

Therefore the time of expiry of insurance, is a parameter that must pay careful attention, but that is not usually analyse when we change insurance, and is important to do so to avoid the consortium to apply us the grace period.

The possible effect and insurance expirations dates are: 00: 00, 24:00 h, 23:59 h andone hour either.

24:00 and 23:59 h mean the same, i.e. when one day ends.

H 00: 00 means when you start a day.

There are companies that depending on the type of insurance when you issue the same day, the effect time is the time of recruitment or the 00: 00 of the next day.

You will understand it better with several practical examples:

EXAMPLE PRACTICAL

1Home insurance has 1.11.2016 due 00: 00 h, and the new policy that replaces the previous issues with effect 1.11.2016 to 00: 00 h.

Conclusion:

Does not apply grace period, there is continuity, without interruption.

 

EXAMPLE PRACTICE 2

Home insurance has expiration 1.11.2016 at 23:59 h, and the new policy that replaces the previous issues with effect 1.11.2016 to 00: 00 h.

Conclusion:

Does not apply grace period, there is continuity, without interruption.

 

EXAMPLE PRACTICAL 3

Home insurance has 1.11.2016 due 00: 00 h, and the new policy that replaces the previous issues with effect 1.11.2016 at 23:59 h.

Conclusion:

If that applies grace period, there is no continuity. There is disruption because the previous insurance just when it begins the day 1.11.2016 and new insurance takes effect when you just 1.11.2016 day, so there are 24 h without coverage.

 

EXAMPLE PRACTICAL 4

Home insurance has 1.11.2016 due 00: 00 h, and the new policy that replaces the previous issues with effect 31.10.2016 to 00: 00 h.

Conclusion:

Does not apply grace period, there is continuity, without interruption.
home insurance
home insurance

EXAMPLE PRACTICAL 5

Home insurance has 1.11.2016 due 00: 00 h, and the new policy that replaces the previous issues with effect 1.11.2016 at 11:30 o’clock.

Conclusion:

If that applies grace period, there is no continuity. There is an interruption of 11 h and a half, in which there is no coverage in any of the two policies.

EXAMPLE PRACTICAL 6

Home insurance has expiration 1.11.2016 at 13:15 h, and the new policy that replaces the previous issues with effect 1.11.2016 to 00: 00 h.

Conclusion:

Does not apply grace period, there is continuity, without interruption.

 

7 PRACTICAL EXAMPLE

Home insurance has expiration 1.11.2016 at 24:00 o’clock, and the new policy that replaces the previous issues with effect 1.11.2016 to 00: 00 h.

Conclusion:

Does not apply grace period, there is continuity, without interruption.

 

8 PRACTICAL EXAMPLE

Home insurance has 1.11.2016 due 00: 00 h, and the new policy that replaces the previous issues with effect 1.11.2016 to 24:00 h.

Conclusion:

If that applies grace period, there is no continuity. There is disruption because the previous insurance just when it begins the day 1.11.2016 and new insurance takes effect when you just 1.11.2016 day, so there are 24 h without coverage.

COUNCIL RECOMMENDATION

Purchase your new insurance with a date of effect of 1 day prior to the expiration ofthe insurance to replace, to heal in health, and avoid 100% that you can apply the Consortium the deductible period, and stay without insurance coverage for a few hours.

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