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English translation: dilapidations insurance

12:40 Oct 11, 2023
Spanish to English translations [PRO]
Bus/Financial - Business/Commerce (general)
Spanish term or phrase: seguro de fatiga
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!
Mónica Hanlan
United Kingdom
English translation:dilapidations insurance
Explanation:
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'.
Selected response from:

Adrian MM.
Austria
Grading comment
Thank you!
4 KudoZ points were awarded for this answer



Summary of answers provided
3dilapidations insurance
Adrian MM.
2materials fatigue insurance
patinba
Summary of reference entries provided
“exhaustion of coverage” doctrine / “exhaust” Underlying Insurance
andres-larsen

Discussion entries: 10





  

Answers


52 mins   confidence: Answerer confidence 2/5Answerer confidence 2/5
materials fatigue insurance


Explanation:
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 ...



patinba
Argentina
Local time: 05:39
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 648
Notes to answerer
Asker: I think it's something along these lines. Thank you, Pat!


Peer comments on this answer (and responses from the answerer)
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).
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6 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
dilapidations insurance


Explanation:
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(s):
  • 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
Adrian MM.
Austria
Native speaker of: Native in EnglishEnglish
PRO pts in category: 32
Grading comment
Thank you!
Notes to answerer
Asker: Thank you! This fits with the content of the rest of the document.

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Reference comments


40 mins
Reference: “exhaustion of coverage” doctrine / “exhaust” Underlying Insurance

Reference information:
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)
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Glad to have been of help!

andres-larsen
Venezuela
Native speaker of: Native in EnglishEnglish
PRO pts in category: 9
Note to reference poster
Asker: These are all very useful. Thank you!


Peer comments on this reference comment (and responses from the reference poster)
neutral  philgoddard: It's not that kind of exhaustion.
23 hrs
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