Usage and coverage of SOAP.Purchasing Insurance
Before purchasing insurance, obtain information on the conditions, coverage, and exclusions of the specific policy.
You should obtain information on policy conditions before purchasing the insurance.
Remember that your insurance policy has both general and particular conditions.
The general conditions of the policy can be found in the Superintendencia de Valores y Seguros files, and are identified by a filing code that should be given to you by the insurer. Additionally, you may request a copy of the file at www.svs.cl.
The particular conditions are specific to the policyholder, allowing for the individualization of the objects or assets covered by the insurance, the amount insured, the agreed upon premium, deductibles, etc.
Understanding Your Policy
- Identify the coverage, that is, the risks covered by your insurance.
- Identify the exclusion clauses, that is, those situations not covered in the policy.
- Check if your policy is subject to deductibles, waiting periods, insurability requirements or special conditions of coverage.
- Verify the requirements and commitments that you must fulfill during the policy term and in the event of a claim.
If the insurance is administered by a bank, a store, a service company or any other collective entity, pay attention to the information contained in the Certificate of Coverage that should be given to you at the moment of purchase.
Before signing or accepting the policy, ask the insurance or intermediary agent to clarify any conditions that cause doubt or are unclear to you.
Make sure that the insured item complies with the requirements and conditions stipulated by the policy in order to benefit from the purchased protection.
Remember that insurance policies regularly include conditions in which the insurance is not valid. For this reason, make sure that you thoroughly understand which conditions are not covered within the policy.
What to do in the event of a loss
In the event of a loss, notify or file a report with the Police immediately, except in cases where it is not required by the policy.
Notify the insurance company of the loss within the time period stated in the policy.
Present all evidence and documents needed as proof of the loss and its consequences in order for the insurance company to pay.
Once the claim has been submitted to the company, the settlement process will begin. For more information about the steps and timetable of this process, check your policy, ask your insurance broker, or go to www.svs.cl.
