Liberty Quality Home - house and contents insurance
CONTRACT BASES
Article 23 - Payment of indemnities
In the event of an accident, the payment of the indemnity will adhere to the following rules:
* If the value of the damage is mutually agreed, the insurer shall pay the agreed sum within a maximum period of five days to begin from the date on which both parties signed the agreement. This shall never be done in detriment to the terms of the next number in this article concerning the obligation of the insurer to pay the minimum sum it is bound to pay.
* If the damages were appraised by agreement of the loss adjusters, the insurer shall pay the sum they indicate within a period of five days from the moment both parties agree to and accept the adjusters' agreement, which act shall cause said agreement to become unassailable.
* Should the loss adjusters' report be challenged, the insurer shall pay the minimum cost of what it might owe, according to the circumstances known to it.
* If, in the period of three months following the claim, the insurer has not repaired or indemnified the damage or if, in the forty days following receipt of the claim's report, it has not proceeded to the payment of the minimum sum it might owe, the indemnity shall be increased due to the default of the insurer with the payment of an annual interest equal to the legal interest on money in force at the time it is paid, increased by 50%.
Nevertheless, once two years have elapsed since the occurrence of the claim, the annual interest may not be less than 20%.
The initial date for the calculation of said interests shall be the date of the claim and the final payment date.
There shall be no indemnity for default by the insurer when the failure to pay the indemnity or the minimum sum is due to a justified cause or cannot be attributed thereto.
* The indemnity may be substituted by the repair or replacement of the damaged property when the nature of the insurance so allows and the insured gives his / her consent.
* The insurer, before proceeding to the payment of the indemnity, may require the policyholder or the insured to provide documented proof that the damaged property is free from debt.
* For accidents affecting the liability cover, the insurer, within the limits and conditions of the policy, shall pay the indemnity within a maximum period of forty days from the date on which the sum of the said indemnity is set by a firm judgment or by the insurer's recognition of the liability of the insured.