Insurance contracts relate to agreements whereby one of the parties, referred to as the insurer, undertakes to compensate loss, or to pay a sum of money to another party, referred to as the policyholder.
This is subject to the verification of an event established in the contract, which arises in exchange for the payment of a price, referred to as the premium, by the policyholder.
The object of the insurance contract may be any category of risks provided that there is a previous insurable interest. In this regard, the policyholder undertakes to pay a premium, in exchange for which the insurer provides coverage. This means that the policyholder is spared greater financial loss, provided that any cases in which the loss is incurred arise.
It must be borne in mind that insurance contracts are consensual by nature, which means that the obligations and rights are reciprocal between the policyholder and the insurer. The obligations become effective upon the execution of the agreement, even before the issuance of the policy in which the terms of the insurance contract are expressed.
With regard to the translation of insurance contracts, this work can be applied to a wide and diverse range of products, namely immovable assets and personal property, such as life, death and home insurance, insurance for homeowners' associations or decennial liability insurance; these items also include another series of insurance products for tangible and specific assets, including individual means of transport.
Legal translation of insurance contracts is particularly relevant for geographic areas where there is a large concentration of people who do not speak the local language.
The translation of insurance contracts is also relevant to companies that have direct or indirect links to these services and whose customers include foreigners who have permanently moved to another country or travelled as tourists.
The translation of insurance contracts requires the expert know-how of a team of professional translators that specialise in this field. This team must provide a guarantee of quality in their work and respond to any questions and specifications of clients.