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Acta de aseguramiento
Ref. Oro
Oct 11, 2023 12:40
7 mos ago
37 viewers *
Spanish term

seguro de fatiga

Spanish to English Bus/Financial Business/Commerce (general)
It's a letter explainig the creation of a Trust. One of the bullet points reads:

"Las pérdidas se pueden llevar contra pago de impuestos si la compañía llegara a tener contingencias fiscales tales como seguro de fatiga"...

And another bullet point reads:

"Ya no se causará gasto por seguro de fatiga"

It's a text from Mexico and I cannot find what this means anywhere. The trust would make the money by leasing properties... I'm not sure if this is relevant.

Thank you in advance!
Proposed translations (English)
3 dilapidations insurance
2 materials fatigue insurance
References
“exhaustion of coverage” doctrine / “exhaust” Underlying Insurance

Discussion

Mónica Hanlan (asker) Oct 12, 2023:
Thank you all for your help. In the end, as I didn't have more time, I went with Adrian's response as it does fit with the rest of the document. Sorry I couldn't give more background information. Confidentiality issues, as usual!
Mónica Hanlan (asker) Oct 12, 2023:
@Lisa Yes, it is something like that.
Mónica Hanlan (asker) Oct 12, 2023:
@Seth Thank you for the link! I did look at it but couldn't quite find what I needed
Lisa Rosengard Oct 11, 2023:
It might be about damage caused by general and long term use of the belongings or furnishings, perhaps carpets or curtains. More casually spoken it's about general wear and tear or damage through long term use.
Seth Phillips Oct 11, 2023:
What kind of trust? Is it a personal trust, or a commericial or industry type trust? You could look into "industry fatigue." Have look at Law Insider and try tweaking around the filters (e.g. by industry, type of contract, etc.): https://www.lawinsider.com/search?q="fatigue"
Mónica Hanlan (asker) Oct 11, 2023:
@phil Your guess is as good as mine! (and my husband's!). Unfortunately, I cannot contact the author.
philgoddard Oct 11, 2023:
It was just a guess, and I don't have anything to support it. If you're able to contact the author, I'd be really interested to know what they say.
Mónica Hanlan (asker) Oct 11, 2023:
@phil Talking to my husband, we came to the same conclusion... "wear and tear" but let's see what the rest of the hive think. Maybe you should post it as an answer, to see if other people agree...
philgoddard Oct 11, 2023:
Could it mean wear and tear? This is normally excluded from insurance.
philgoddard Oct 11, 2023:
Intriguing! I've spent ages on this one, to no avail. It could be a mistake, but what for?
And why would whatever it is be a contingent tax liability?

Proposed translations

6 hrs
Selected

dilapidations insurance

Still thinking that the first answers is on the right lines, I agree with the observation that wear and tear is not normally covered by property insurance, but - as per conveyancing including letting practic/se - dilapidations, for instance on vacation of the property, are.

I am also at one with the Discussion Entry enuqiring / inquiring into the nature of the Trust. The first example sentence assumes that it is a Charitable Trust rather than a 'personal, commericial or industry type trust'.
Example sentence:

harity C has property lease for its charity headquarters and to deliver its charitable activities over various leases based on 20 properties which requires the charity to reinstate the premises in the condition at the start of the lease.

PROPERTY DAMAGE – COVER OPTION B – SPECIFIED CONTINGENCIES (Continued). FEATURES ... arising from dilapidations to the insured property or the fixtures and fittings

Reference:

http://library.croneri.co.uk/cch_uk/nukcha-02/chfs12-3-1

Note from asker:
Thank you! This fits with the content of the rest of the document.
Something went wrong...
4 KudoZ points awarded for this answer. Comment: "Thank you!"
52 mins

materials fatigue insurance

I think a literal translation is the likeliest option. At first sight it looks as though the "seguro" is some form of tax contingency, but in fact I think the "tales como seguro" comment refers back to the "pérdidas".

Multiple Coverage Policy General Conditions

HDI SEGUROS México
https://www.hdi.com.mx › uploads › 2020/12
materials fatigue, deterioration, erosion, evaporation, visible defects, leaks, weight loss, waste, scratches, oxidation, shrinking and use wear. g) Damage ...



MAPFRE Global Risks
https://www.mapfreglobalrisks.com › ... › Articles
La fatiga en los materiales, clave en la vida de las estructuras.
Se trata de un proceso en el que se producen cambios estructurales en los materiales de forma permanente, progresiva y localizada, en el punto concreto que está sometido a tensiones y deformaciones fluctuantes.

Nueces County Courthouse: Empress in Distress

Sometimes Interesting -
https://sometimes-interesting.com › Courthouses
For insurance reasons and to avoid commitments that might hamper restoration, the ... As building materials fatigue and their integrity fails, it creates a ...

Note from asker:
I think it's something along these lines. Thank you, Pat!
Peer comment(s):
neutral philgoddard : Sorry, but I'm not convinced there is such a thing. It's too specific - surely it would be covered by something more general, like property owner's or construction liability insurance.
1 hr
Could be. Lack of Google hits is odd. Mapfre Insurance co lists materials fatigue in its "Global Risks" (see above).
Something went wrong...

Reference comments

40 mins
Reference:

“exhaustion of coverage” doctrine / “exhaust” Underlying Insurance

understanding the “exhaustion of coverage” doctrine in the ...
https://cilj.law.uconn.edu › Vol25.2-art1.pdf
PDF
JM FISCHER — Excess insurance provides additional coverage beyond that provided by the underlying first layer of insurance, usually referred to as ...

Is there a policy for policy fatigue?
https://www.icac.sa.gov.au › polic...
Policy fatigue is a condition whereby the number, complexity, coverage, consistency and rate of variation of an agency's policies, standards, procedures, ...

Horizontal vs. Vertical Exhaustion of Insurance
https://www.whiteandwilliams.com › ...
6 ago. 2021 — In this case, questions may arise as to whether the primary coverage exhausts horizontally, or vertically: in other words, whether the insured ...

What Does It Mean to “Exhaust” Underlying Insurance?
https://www.morrisonmahoney.com › resource
PDF
In the event of… exhaustion of the aggre- gate limits of liability under “scheduled underlying insurance” solely by reason of payments of a combination of cov-.

Don't Be Caught Napping – Your Insurance May Not Be ...
https://www.policyholderpulse.com › ...
15 ago. 2017 — If the policyholder settles with an underlying insurer for less than the underlying policy limits, excess insurers may dispute whether the ...

Horizontal or Vertical — Don't Get 'Exhausted' by Insurance
https://www.holmesmurphy.com › ...
3 ago. 2020 — Horizontal exhaustion is when all primary commercial general liability policies available to an insured must be exhausted before any excess or ...

Exhaustion Requirements in the Context of True Excess ...
https://maddinhauser.com › exhau...
18 abr. 2017 — True excess policies typically provide that coverage is not available unless and until the limits of the underlying primary policy have been “ ...

Zig Zag On Zeig: When Is Exhaustion Really Exhaustion
https://www.sidley.com › simone-bonnet-law360
PDF
Law360, New York (November 23, 2015, 12:52 PM ET) -- Excess insurance policies supply coverage above underlying limits provided by primary insurance and ...

Tired of Pricey Life Insurance Premiums? 4 Ways to Manage a ...
https://www.kiplinger.com › tired-...
19 sept. 2022 — Instead of canceling or letting your policy lapse, consider cashing it in, donating it or paying premiums another way.

Exhausted your health insurance sum insured? Replenish it ...
https://www.moneycontrol.com › ...
6 ago. 2021 — Now, here, the restoration benefit comes into action. It automatically reinstates the full amount of sum insured on exhaustion of his cover.

Hard market "fatigue" setting in, P&C industry survey suggests
https://www.canadianunderwriter.ca › ...
12 ene. 2023 — Canada's property and casualty insurance industry is concerned "rate fatigue for consumers" could invite government intervention later.

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Note added at 2 hrs (2023-10-11 15:36:00 GMT)
--------------------------------------------------

Glad to have been of help!
Note from asker:
These are all very useful. Thank you!
Peer comments on this reference comment:
neutral philgoddard : It's not that kind of exhaustion.
23 hrs
Something went wrong...
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