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Fire in Oviedo, building collapses in Tenerife: who pays for claims?

The 7th of April was black Thursday in Oviedo. Black smoke stained the sky above the city. It seems the fire was started by a spark from a short circuit in the suspended ceiling. Five hours later the building collapsed, claiming the life of a fireman, injuring another and damaging the adjacent buildings.

The 15th of April was also a day of mourning in Tenerife. According to the initial hypotheses a gas explosion or reform works on the ground floor caused the building to collapse, killing seven people. The adjacent buildings were evacuated as a precautionary measure.

The million dollar question is: how does a good insurance policy react to a situation like this?

First of all, it attends to the people, finding temporary accommodation for the survivors. Then the adjustors take over to determine the magnitude of the damage to calculate the cost of the indemnities both for reconstruction and to compensate all those directly affected and third parties that have suffered loss and damage.

What are the keys to taking out insurance?

The insured capital so that when the event occurs it is indemnified with the appropriate amount for repair or reconstruction of damage to both the content and the continent, without disparity!

Extensive civil liability cover is another thing the policy must necessarily include to legally protect the commonhold owners and, as appropriate, take care of compensation to third parties, which can be extremely expensive.

Legal defence. The policy will take care of claims for loss and damage if this cover is included.

What is one of the worst mistakes?

 Underinsurance: the obsession with cutting back makes us commit irreversible errors such as undervaluing our property. If you add inadequate insurance to the existing natural risks, the only thing you achieve is to exacerbate the situation in the event of a disaster and furthermore if this decision was taken by the President and the Owners Community, the residents have the right to sue the administrators to force them to assume the consequences.

Watch out! Anyone can make an accidental faux pas, but you have the power to avoid the consequences. That’s why it is vital for the Owners Community steering committee to go through the clauses of your insurance policies with us to detect any aspects in which you are exposed to excessive risk.