Oct 25, 2023 09:42
7 mos ago
25 viewers *
Spanish term

el Asegurador puede hacer suyo el precio

Spanish to English Bus/Financial Insurance Home insurance
En caso de desaparición del riesgo asegurado, el contrato se extingue automáticamente y el Asegurador puede hacer suyo el precio.

Can anyone help with this please? I'm assuming that by "desaparicion" it does not mean that it has simply been stolen (as that is one of the covered risks), but what does it mean? And what then can the Insurer do with the price ("hacer suyo el precio") after the policy is automatically terminated?

Many thanks

Discussion

AllegroTrans Oct 25, 2023:
Asker Think in terms of "extinction of the risk" (i.e. nothing remains to be insured) rather than specific items
Here are some references:
Primavera Sound
https://www.primaverasound.com › porto-non-attenda...
The Insurance Contract and each of the bonds arising from the adhesion shall expire in the event of supervening loss of interest or extinction of the risk.

Financial Statements
BBVA México
https://investors.bbva.mx › 2020/01 › auditadosgff
1 Jan 2020 — ... insurance or insurance with contingent future premiums and their devolution is not anticipated at the time of extinction of the risk.
151 pages

AllegroTrans Oct 25, 2023:
desaparición = extinction, which will cover destruction, theft, total loss, etc. etc.

Proposed translations

+5
40 mins
Selected

the Insurer/ Underwriter is allowed to keep (forfeit) the premium (charged)

Note the overlap of insurance meanings in context: Asegurador : Insurer or Underwriter Su(b)scritor: Policy(-)holder or Underwriter.

To quote an ex-Lloyd's (Re-)Insurance Translator into English: 'you cannot just get by (muddle along) in insurance translations.' (implying: insurance translators have to know their stuff).

Also, it is the insured risk or 'peril' that disappears, rather than any home content(s): En caso de desaparición del *riesgo asegurado*.

Precio I believe refers to the premium, rather than the policy proceeds payable-out.

Note also that some UK T&I agencies and even legal, notarial and accountancy clients do not properly understand the meaning of forfeit, meaning to keep rather than give up or back to the policyholders: such as the house deposit shall be *forfeit* by the seller:

'When a policy is forfeited, the insurer is no longer liable under the terms of the policy. The premiums that have already been paid need not be reimbursed. The sum already deposited by the insured could be forfeited by the insurance company according to the terms and circumstances of the policy.'

PS adopt, as in the second ProZ weblink, doesn't work here.
Example sentence:

insurance policy lapse. As a result, the policy is no longer in effect and the premiums already paid are* forfeited* by the insurer.

Note from asker:
Thanks, that is helpful.
Peer comment(s):

agree AllegroTrans : The premium shall be forfeit TO the Insurer
39 mins
Thanks and gracias, Chris.
agree patinba
1 hr
Thanks and gracias, Patrick
agree Andy Watkinson
2 hrs
Gracias, gràcies and thanks, Andy. '
agree Luis M. Sosa : Strongly agree.
3 hrs
Gracias and thanks, Luis.
agree philgoddard : But 'forfeit' is wrong. The policyholder forfeits the premium, not the insurer.
12 hrs
Thanks, Phil, for your - qualified - agree. I had a blazing row, years ago, with a notarial T&I agency over the meaning, but can go either way: 'As a result, the policy is no longer in effect & the premiums already paid are forfeited by the *INSURER*'
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4 KudoZ points awarded for this answer. Comment: "Many thanks "
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