In the area of insurance, the economic injury is a key concept that determines the existence of a loss or damage financial situation affecting a person or undertaking. This concept is directly related to the reason for the insurance: to protect heritage and economic interests of the insured against adverse events.
In this article, we will explore what economic damage is, its application in insurance and some practical examples to understand its importance in the context of protection. insurance.
Economic loss
The economic injury is defined as loss, damage or property damage who suffers a person, undertaking or institution due to an unexpected or harmful event. This loss may affect both tangible property and financial rights or interests, creating a need for compensation or compensation.
In the context of Sure.the economic damage is the fundamental criterion for calculating compensation to receive the insured after a No.. If there is no economic damage, there is no reason for the insurer to pay compensation, since the Policy only covers actual and quantifiable damage.
1. Existence of actual damage
The damage must be concrete and verifiable; it cannot be claimed for hypothetical or estimated losses without justification.
2. Causation ratio
The economic damage must be a direct consequence of the event covered by the insurance (sinister).
3. Economic valuation
The damage must be quantifiable in monetary terms in order to establish the corresponding compensation.
4. Assured interest
Only if the insured person has a legitimate secured interest on the asset concerned or the activity protected by the insurance.
Application of economic injury to insurance
The concept of economic injury is fundamental in all areas of insurance, since the the existence of a real economic loss is the main requirement for compensation.
1. Insurance of material damage
Insurance Home, car, trade etc. They cover direct and indirect damage, such as the repair of a house after a fire or the payment of a replacement car after an accident.
2. Liability insurance
The RC insurance compensation third parties economically injured by the insured person's actions (damage to property or personal injury).
3. Loss of profit insurance
Cover the loss of profits that a company suffers because of the cessation of its business after a loss.
If there is no real and verifiable economic injury, the insurer is not obliged to compensate. Examples of situations where economic damage is not recognized are: simulation of damage (claims for claims that have not occurred), lack of causation ratio or declared value higher than actual.
The economic injury is a central concept in the insurance, as it sets the criteria for calculating compensation and defining the scope of the coverage. Without a demonstrable economic loss, the insurance contract does not generate compensation, as its purpose is to protect the assets and interests of the insured against unexpected events. Therefore, both insurers and insurers must understand their importance to ensure fair and efficient management of the claims.
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