Insurance Compensation Consortium: Difference between revisions
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The '''Consorcio de Compensación de Seguros''' (the Insurance Compensation Consortium, or CCS) is a compulsory Government catastrophic risk [[insurance]] in [[Spain]]. It is an insurance tax charged on prescribed classes of insurance issued by private [[insurer]]s, providing cover against a series of extraordinary perils and "[[Political risk insurance|political risks]]” |
The '''Consorcio de Compensación de Seguros''' (the Insurance Compensation Consortium, or CCS) is a compulsory Government catastrophic risk [[insurance]] in [[Spain]]. It is an insurance tax charged on prescribed classes of insurance issued by private [[insurer]]s, providing cover against a series of extraordinary perils and "[[Political risk insurance|political risks]]” |
Revision as of 06:47, 31 May 2020
This article needs additional citations for verification. (April 2010) |
The Consorcio de Compensación de Seguros (the Insurance Compensation Consortium, or CCS) is a compulsory Government catastrophic risk insurance in Spain. It is an insurance tax charged on prescribed classes of insurance issued by private insurers, 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 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 within a certain time of the inception date of the policy. The timelines 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.