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Floods

Floods

Postby cheflady » Fri Oct 11, 2019 11:12 am

Hi advice please does anyone have a clue what true or not,it's a month today that it happened and I'm still none the wiser!! Had an email saying claim approved by the consortium but no money yet is it true that our insurance people will not have to pay a penny towards our losses? We appreciate the help that the government will be giving us but like a lot of other people we did lose everything in our bungalow and it will not cover a great deal. T.I.A Jules
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Re: Floods

Postby marcliff » Fri Oct 11, 2019 11:58 am

The consortium is the insurance companies. The money the Valencia government have pledged is totally separate from this.
Instead of the insurance companies paying each individual claim, the consortium (which is money paid by the insurance companies from your premium) will pay the value that you would have claimed from the insurance companies direct.

To say the insurance companies won't pay is quite wrong as they have already paid into the consortium fund and is supposed to get around the long waits insurance companies usually take to sort out the claims in the event of a national emergency as this was.

Here's fingers crossed that you will get your payment soon along with the extra the Valencia government have promised and I'm surprised (though I shouldn't really be) this hasn't been paid out yet as it was supposed to cover immediate expenses.
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Re: Floods

Postby cheflady » Fri Oct 11, 2019 12:37 pm

Thank you so much Marcliff for your explanation and sound advice as usual we really appreciate it.Jules
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Re: Floods

Postby willemite » Fri Oct 11, 2019 1:34 pm

We have just been informed that the assessor is coming next week. We have not received any funds as yet from Catral Town Hall, and as far as I know neither has anyone else.
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Re: Floods

Postby jpeg » Fri Oct 11, 2019 2:04 pm

The consortium will pay 2 thirds of the claim and the insurance company will pay the other third and the claim be settled in full to the amount that the assessor has set
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Re: Floods

Postby Mickey Braw » Fri Oct 11, 2019 2:11 pm

marcliff wrote:The consortium is the insurance companies. The money the Valencia government have pledged is totally separate from this.
Instead of the insurance companies paying each individual claim, the consortium (which is money paid by the insurance companies from your premium) will pay the value that you would have claimed from the insurance companies direct.

To say the insurance companies won't pay is quite wrong as they have already paid into the consortium fund and is supposed to get around the long waits insurance companies usually take to sort out the claims in the event of a national emergency as this was.

Here's fingers crossed that you will get your payment soon along with the extra the Valencia government have promised and I'm surprised (though I shouldn't really be) this hasn't been paid out yet as it was supposed to cover immediate expenses.


The Consorcio is paid for and detailed as a separate item added to every insurance premium and paid by the insured.
It is there to protect the insurance company and the insured in ‘ Act of God ‘ situations.
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Re: Floods

Postby marcliff » Fri Oct 11, 2019 2:40 pm

Mickey Braw wrote:
marcliff wrote:The consortium is the insurance companies. The money the Valencia government have pledged is totally separate from this.
Instead of the insurance companies paying each individual claim, the consortium (which is money paid by the insurance companies from your premium) will pay the value that you would have claimed from the insurance companies direct.

To say the insurance companies won't pay is quite wrong as they have already paid into the consortium fund and is supposed to get around the long waits insurance companies usually take to sort out the claims in the event of a national emergency as this was.

Here's fingers crossed that you will get your payment soon along with the extra the Valencia government have promised and I'm surprised (though I shouldn't really be) this hasn't been paid out yet as it was supposed to cover immediate expenses.


The Consorcio is paid for and detailed as a separate item added to every insurance premium and paid by the insured.
It is there to protect the insurance company and the insured in ‘ Act of God ‘ situations.



Pretty much what I said, then.
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Re: Floods

Postby jamiep » Fri Oct 11, 2019 4:01 pm

Would love to know if anyone has received the 'immediate' payment of 1500, almost everyone i know in the affected areas have applied either to dolores or san fulgencio with nothing forthcoming

Also do we expect full payments from insurance, concorsio or whatever, or will the assessments be a generic offer according to size of property and level of damage. The assessor told my friend her 4 bed 2 lounge house was the worse he had seen and could take a year to be paid out
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Re: Floods

Postby Chrisdee » Fri Oct 11, 2019 6:10 pm

A neighbour is giving away 2 single beds if you're interested.

cheflady wrote:Hi advice please does anyone have a clue what true or not,it's a month today that it happened and I'm still none the wiser!! Had an email saying claim approved by the consortium but no money yet is it true that our insurance people will not have to pay a penny towards our losses? We appreciate the help that the government will be giving us but like a lot of other people we did lose everything in our bungalow and it will not cover a great deal. T.I.A Jules
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Re: Floods

Postby Bee » Fri Oct 11, 2019 6:36 pm

You would wonder how soon is "immediate". The impression was given that you would have it in a day or two. Will people who are considered to have property in a flood prone area be able to get insurance against flooding in the future?

Bee
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