You have taken out an insurance contract and you are wondering if, in the event of a claim occurring shortly after, you are covered from the moment it is signed or if your insurer can impose a period of time during which you cannot benefit from the contractual guarantees.
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Several dates, deadlines and deadlines must be specified in terms of the insurance contract taking effect.
Date of subscription and effective date of the insurance contract
As with any contract, once both parties agree on its conditions and sign it, it is presumed to take effect on the date of this signature, unless otherwise agreed.
Consequently, if the insurance contract does not specify anything on this point, the effectiveness of the guarantees coincides with the date on which the contract was signed.
Importantly, the date of subscription of the insurance contract serves as a reference for its renewal, after payment of the premium.
Regarding the effectiveness of the guarantees, you must therefore refer to the terms of the insurance contract.
Indeed, the general conditions may provide for an effective date for the guarantees different from that of the subscription of the contract:
a clause for the resumption of clauses from an unknown past allows the guarantees to take effect on a date prior to the date of signature of the insurance contract
more common, a waiting period provides for the implementation of the conditions of the contract in the event of a claim, only after a period following the signing of the insurance contract.
Thus, the insurer protects itself from the coverage of a risk that occurred before taking out the contract, with the knowledge of the insured.
an endorsement can also make it possible to postpone the effective date of the guarantees, in particular if the insured object, apartment or vehicle, is not yet at the disposal of the insured or if the insurer agrees to postpone the due due to late payment of the premium.
Subscription date and waiting period
The waiting period or waiting period corresponds to a period defined by the insurance contract, during which the loss suffered by the insured is not covered by the insurance guarantees.
This deadline is not systematically included in contracts and compensation in the event of a loss can occur upon signature.
If it is provided for in the insurance contract, the waiting period, freely set by the insurer and clearly mentioned in the contract, runs from the date of signature until the end of the waiting period.
The insured cannot then benefit from all of the coverage before this deadline. Generally, this waiting period varies from 1 month to 12 months depending on the insurers.
Whatever the purpose of the insurance contract, home, car, health, etc., it is better to ensure the expected duration to avoid any unpleasant surprises in the event of a claim before taking out it.
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The time before compensation in the event of a loss or excess period
The excess period corresponds to a period, following the occurrence of a loss recognized and guaranteed by the insurance, at the end of which compensation will be paid.
This period runs from the declaration of the loss.
Insurance contracts apply an excess period varying from 15 or 30 days up to 180 to 270 days.
Consequently, during this period, although the guarantee is acquired, no compensation occurs.
Deadlines are variably and freely set by insurers.
The shorter the excess periods, the quicker the compensation is received but the higher the insurance premium.
Waiting periods and excess periods are essential elements of your contract because, in the event of a claim, your total or partial compensation will occur more or less quickly.