Underwriting agency

Legally, it is this type of agency Lovys is. In practice, we are much more than that. Because we build our products from scratch to provide a better customer experience and then partner with insurers and reinsurers, we don’t just distribute an existing product, we allow ourselves to reinvent it.

Insured

This is the beneficiary who is entitled to the insurance benefits. The insured and the policyholder are not necessarily the same person. (For example, if your mother is included in the contract and pays for your insurance, she is the policyholder, and you are the insured).

Depending on the product and the terms of the policy, the following persons will also have the same consideration, as long as they live with him/her: the spouse or common-law partner (civil union), the ascendants of either of them, as well as the children and persons under the legal guardianship or guardianship of both or either of them. If you are not legally married to your partner or have a civil union, you will need to add them as an ‘additional insured person’. And if you also live with someone who is not your immediate family.

Insurer

It is the company that assumes the risks and guarantees the compensation in the event a loss is covered. This is done when the insurance premium is received.

Certificate of insurance

It is the document by which an insurer verifies that real coverages exist for a certain object or person. It’s like an insurance ‘ID card’ 😉

Coverages

Insurance coverage is the commitment made by the insurer to compensate the insured or his/her beneficiaries. The objective is to repair the consequences of a claim. The coverage has a limit called ‘insured capital’, which is agreed upon at the time of the contract.

Content

It is the value of all the items inside your home. Any extra items you decide to insure are also considered as contents. These can be jewellery, musical instruments, pieces of art, digital cameras, home cinema equipment.

Tip: imagine turning your house upside down and shaking it. The contents would be those things that fall.

Premises

This is the value of all the walls, floors, and ceilings in your home. This includes, among other things, the foundations and floors inside your house. It also includes doors and windows.

Tip: imagine turning your house upside down and shaking it. The premises would be those things that do not fall.

Insurance agent

An insurance agent is a person who acts as an intermediary for several insurance companies, without being exclusively linked to any of them, it sells insurance contracts to their clients to obtain a commission for this sale.

Theft and robbery

Theft is a crime against the third parties insured goods because it means acts that involve force or violence over them (not on the subjects). The robbery; on the other hand, occurs through acts of intimidation or physical aggression carried out on those who are watching over or guarding over goods.

Date of issue

Se refiere a la fecha en la que se crea tu póliza, no el momento en que tu seguro empieza a estar activo, que puede ser algunos días después. Por tanto tu póliza puede estar emitida pero no activada y por tanto si esto ocurre no contarás con protección.

Excess

This is the amount of money you will have to pay in the event of a claim. For example: in case of damages produced by water, with an excess of €150, and compensation of €1000, you will receive €850, which means you will be responsible for the €150.

Without excess: you pay nothing out of your pocket in the event of an accident.
With excess: you pay the amount stipulated in your policy.

Theft

The theft or seizure of insured goods takes place without any kind of violence, neither on things nor on persons.

Uninhabitability of housing

This is a type of insurance cover (included in the basic and weather damage extension) that helps you, by covering some of your expenses, if your home becomes uninhabitable due to a loss. Accommodation, moving, laundry… are just a few examples of some of the expenses that would be covered.

Insurtech

The term insurtech is a combination of the words insurance and technology. Insurtech refers to the use of innovative technologies to make the most of the new insurance industry model.Lovys is an insurtech, because we create 100% digital products from scratch depending on the market we are targeting, thus improving the customer experience through technology.

First notice of loss

It is one of the main obligations of the insured in the event of a loss. If anything happens, let us know! Failure to comply (within a period specified in the general conditions of the policies) may result in forfeiture of the compensation which would be an unnecessary loss.

Claim adjuster

A specialist of claims who intervenes to report on the causes and to assess the damage caused. He will visit your home after you give us a notice of loss.

Policy or Contract

It is the agreement between the two parties: you and us. It contains the terms and conditions of the insurance and describes the rights and obligations of both parties.

The general conditions are standard texts that the insurer sets up in a common way to be applied to all insurance policies of the same type.
The special conditions are clauses that are drawn up expressly for you and apply preferentially to the general conditions.

Quote

This is an estimate of what the policy you need would cost. Before you are offered a final premium for your policy, you will need to ask for a quote. In it, you will see how much you are going to pay concerning the type of coverage you choose.

Premium

The premium is the price of insurance. With Lovys, it’s monthly 🙂

Reinsurers

Reinsurance is the practice of one or more insurers assuming the risk portfolio of another insurance company (or a portion thereof) to balance the insurance market. Therefore, a reinsurer would be something like ‘the insurer’ of an insurance company.

Civil liability

It is the obligation to respond to acts carried out personally by compensating damages caused to a third party.
For example, if you or someone on your policy accidentally damages or breaks someone else’s property, or if someone else damages your property, liability cover comes to your rescue. A necessary basic.

Robbery

In a robbery, there is a theft of the insured goods by third parties using force or violence against things.

Second home

It is a residence for occasional or seasonal occupancy which means it has periods of unoccupancy. It is usually the beach house, country house, summer house…

Loss

It is just a somewhat peculiar word that refers to ‘event, damage’: in insurance, it is a harmful and unexpected event that occurs to the premises or people covered by the policy (as long as it is active). All the damage resulting from the same event constitutes a single loss.

Policyholder

It is who contracts an insurance policy and pays the premium. If you contract insurance, you pay for it and is under your name, you are the policyholder and the insured.

Replacement value

Or also the real value, is the cost of replacing assets with others of similar characteristics and economic benefit, deducting the depreciation.

Vandalism

Vandalism refers to intentional damage by someone to your property without your consent.

Main residence

Is the permanent and regular residence of the insured person, with periods of inoccupation not exceeding 30 consecutive days or 6 discontinuous months.