HomeInsurance Related TipsHow long does an insurance company have to subrogate?

9 months ago (23/02/22) 317 Views

How long does an insurance company have to subrogate?

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Fire and explosion mortgage insurance is usually offered directly by the bank that granted you the loan, but it is good to know that you have the right to choose another one in case you find a more advantageous alternative.

In the event of a claim (explosion, explosion, fire inside the home), thanks to this insurance, you can get a refund of the value of the refurbishment of the property.

The insurance is not compulsory, but necessary: ​​the life insurance policy for the mortgage

If the beauty of life is its total unpredictability, it is true that sometimes you have to deal with unpleasant unexpected events. Mortgage insurance is just for this:  to protect. You and your family.

The life insurance policy for the mortgage, as we said, is not mandatory, but making sure when you take such an important step as buying a house is the best choice to protect the property of the property.

What is a life insurance policy for the mortgage?

It is insurance that protects you and your family in the event of serious unforeseen events such as the death or permanent total disability of the person who took out the loan. 

At the time of signing the contract for a life insurance policy for the mortgage, you can decide whether to pay everything in a single solution or whether to opt for an annual, half-yearly, or monthly split. This last solution is the most suitable because if you had to pay off the loan early, you could simply terminate the policy. This policy, like the one for blast and fire, can also be purchased from the bank granting the loan or, at your choice, from another insurance company.

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If you buy the insurance directly from the bank and pay all the costs in advance (single advance premium), remember that in the event of early repayment of the loan you are entitled to a refund of the unused premium. Unless you specifically ask to keep the policy active until it expires. On the other hand,  in the event of subrogation, most of the insurances stipulated with the bank will lapse and a new one will have to be stipulated (as required by the regulation of IVASS, the Insurance Supervisory Institute).

If you take out the policy with another insurance company, things are different. In case of subrogation, the policy follows you at no additional cost and without any “bureaucratic” obligation. In the event of early repayment of the loan, on the other hand, in most cases, you can simply cancel the policy. The cancellation request must be sent directly to the insurance company. 

Who is the life insurance policy for?

The mortgage policy is designed for those who subscribe to the mortgage, even as a guarantor, but it can also be stipulated by those who have already opened a mortgage and decide to protect themselves at a later time. It is especially recommended for those who have a family with children and de facto couples.

Anyone residing in Italy and aged between 18 and 70 can take out mortgage insurance. Keep in mind that like all life policies, the capital of the life insurance for the mortgage is also undeterrable and unchallengeable.

In the process of joining, the company may want to ascertain your health conditions. Since it is always a life policy, this step allows the insurance company to establish your “risk level” and therefore evaluate the cost that you will have to bear. Obviously, the younger and healthier you are, the less the policy will cost you.

Why take out insurance in the event of a mortgage?

Because protecting oneself means living the mortgage commitment with less anxiety and above all, it means guaranteeing greater safety for loved ones because:

  • in the event of death or total permanent disability of the policyholder/holder of the loan, the beneficiary or beneficiaries of the policy will receive a  sum useful to pay the missing part of the loan ;
  • the life policies designed to protect the mortgage have a capital (the sum insured) that decreases with the same trend as your residual debt (French amortization). In this way, you always have the certainty that in the event of an unforeseen event you will receive the sum necessary to pay off the debt. 
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when the company with which the employment contract was signed transfers the obligations contracted with the worker in that contract to another company. There is no cessation in the activity of the workers, so it is not a new contract, but a change of employer maintaining everything included in the initial employment contract.

It is a legal figure that is frequently used for many reasons: 

classical succession. It occurs when one company replaces another in the provision of certain services. The incoming company is responsible for all the commitments acquired by the replaced company, both with the workers and possible debts with creditors. Common causes would be the retirement of the employer, the sale of the company, or a work or production center.

Termination of service contract. This is very common in cleaning or security services. When a company ends its contract, the company that replaces it absorbs all the workers that the previous one had.

Public contracts. In the case of tenders to access public contracts, the obligation to subrogate all the workers that the previous company had is usually reflected in the access conditions.

conventional surrogacy. It occurs in cases where it is imposed by conditions negotiated in the collective agreement. 

A succession of companies in case of insolvency. They are carried out in accordance with the indications of the Bankruptcy Law.

Does it imply any obligation for the new company?

Yes, the new company must notify each of the affected workers in writing of the subrogation of their contract. You also have to send a copy of said communication to the SEPE (State Public Employment Service).

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On the other hand, the new company must also be held responsible for the debts of the outgoing company. 

In the same way, it must also take care of all the labor obligations that the old company contracted with the workers.

What repercussions does it have for workers?

Salary and working hours. Modifications can be made to the working day, shifts, or salary adjustments motivated by economic, technical, organizational, or production reasons. In any case, they must always comply with what is included in the collective agreement that is in force and, of course, in the Workers’ Statute. If it occurs, the worker has the possibility of challenging this decision, within 20 days following the communication. He could also request the termination of the contract having the right to compensation and unemployment benefits.

Antiquity. With the subrogation, there is no termination of the employment relationship, since the new company assumes all the commitments of the previous one. For this reason, workers retain the previous seniority they had in the outgoing company.

Work Center. The new company could also transfer the worker to another work center or another city, respecting the provisions of Article 40 of the Workers’ Statute. Just as in the modifications of the day, they must also be justified. There are two types: Displacement when it refers to a temporary transfer of up to 12 months within the last 3 years; o Permanent Transfer. In the case of transfers that imply the permanent change of residence of the worker, they also give the worker the possibility of requesting the termination of the contract, generating compensation and the right to unemployment benefits. 

No right to severance pay or compensation is generated since the employment relationship does not end; it would only be a change of the employer subrogating to all the obligations of the previous one.

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