Póliza escoba

07:09 Oct 24, 2018 

No offence intended to anyone, but future users need to be warned when an incorrect translation finds its way into the glossary.

07:07 Oct 24, 2018 

"Póliza" does not mean insurance here, "policy" is the wrong word in English, and this is not an umbrella policy, which is a recognised term in insurance with quite a different meaning from this:

"Umbrella insurance is extra liability insurance. This type of insurance policy is designed to help protect you from major claims and lawsuits [...]

What does umbrella insurance cover?
Still a bit hazy on what an umbrella policy covers? Well, let's dig into the details a bit. Umbrella insurance provides coverage for:
Injuries
Damage to property
Certain lawsuits
Personal liability situations listed below"
https://www.geico.com/information/aboutinsurance/umbrella/

14:53 Oct 19, 2018 

¿Qué es una póliza “escoba”? En síntesis, un documento de afianzamiento suscrito entre un empresario y una entidad financieras, e intervenido notarialmente, por el cual el empresario garantiza personalmente el cumplimiento de los compromisos adquiridos por su empresa en una operación de financiación. Tal garantía se otorga a título personal y con carácter general, de ahí procede el nombre de pólizas “escoba”, “paraguas” u “ómnibus”, ya que implican una fianza que no se limita a garantizar una operación de crédito concreta, sino que se extiende a toda operación mercantil existente entre las partes, sin especificar el límite por el que el empresario debe responder como garante.

Pues bien, una reciente resolución del Tribunal Supremo, de 11 de marzo, ha confirmado el criterio de la Audiencia Provincial de Granada que declaró la nulidad de una póliza “escoba”.

https://ultimahora.es/noticias/economico/2015/04/30/150765/s...

12:20 Oct 19, 2018 

In Spain, this is part of the commercial law (http://noticias.juridicas.com/base_datos/Privado/ccom.l2t9.h... and has a proper name. But it is nothing more than a guarantee (fianza) issued by the owners of a business. It is called a poliza because it can be seen as an insurance against insolvency, but it not an insurance policy.

As is explained in some of the references, it is usually the owners that guarantee. This is something different than seguro de credito/garantia/caucion which is more like a trade credit insurance.

11:45 Oct 19, 2018 

https://www.google.es/amp/s/amp.ultimahora.es/noticias/econo...

The term seems to be an informal way of referring to a /póliza de afianzamiento/ and has other names as given in this article.

I cannot find a definitive translation, unfortunately, perhaps someone else can help.

09:19 Oct 19, 2018 

https://www.proz.com/kudoz/spanish-to-polish/insurance/41065... (unfortunately, this link is in Polish, which I do not understand, but seems to suggest "cash pooling" for "póliza escoba"). This is just a suggestion: perhaps the Asker (Kathy M), using this Polish link as a point of reference (Polish to English forum), may wish to repost her question wiith a view to seeking clarification, as the answer is still somewhat obscure (the question was closed without grading, although the Asker him/herself provided their findings in the discussion box). HTH! Regards.