It is duty of the Insurance Compensation Consortium to achieve satisfying compensation arising from extraordinary risk to policyholders who are not covered by this extraordinary risk, or those that, having contracted it, the insurer could not cope with their compensation obligations because it is in bankruptcy.
The risks covered by the Insurance Compensation Consortium are:
- Natural phenomena: extraordinary floods, earthquakes, tsunamis, volcanic eruptions, storm surge and atypical falling astral bodies and meteorites.
- Those caused violently as a result of terrorism, rebellion, uprising, revolt and riots.
- Accidents caused by unknown vehicles: Injuries caused in an accident in Spain where the vehicle is unidentified. However, if as a result of that accident there have been serious injuries, the Consortium (CCS) must compensate eventual material damages occurred in the same accident as well. In that case there can be set an insurance excess always under 500€. It is considered as a serious injury: death, permanent inability or temporary inability that requires staying more than 7 days in hospital.
- Accidents caused by vehicles without insurance: damage to people and property caused by vehicles that are registered in Spain but do not have insurance currently.
- Accidents caused by stolen vehicles: Damages to persons and property caused by vehicles registered in Spain, but have been stolen.