What is the insurance compensation consortium?
It is a public entity that works with the insurance sector with its own assets and is attached to the Ministry of Economy, Trade and Enterprise.
The consortium is financed through a fee that is applied to insurance contracts, check your home insurance and you will see that next to the net premium appears the item consortium, this small amount is contributed to a fund that is the capital of the consortium.
What is the insurance compensation consortium for?
It covers compensation for extraordinary risks, i.e. those not covered by your insurer, normally claims caused by very serious natural phenomena or violent acts.
Some examples where the consortium acts: volcanic eruptions, riots during the process in Catañuña, floods, earthquakes.
How does the insurance compensation consortium work?
It replaces the compensation that should be paid by your insurer, with the consortium paying the amount that is to be compensated, the consortium must pay the compensation within a maximum of 3 months after receiving the claim, this claim is normally presented by your own insurance company.
Contact details of the consortium:
Telephone: 900 222 665 (9 a 18:00h)
Online consultation of dossiers here.
Where can you find the headquarters of the insurance compensation consortium in Mallorca?
Headquarters of the insurance compensation consortium in Mallorca:
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