FAQ - Prodeseg
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Why do I need an insurance broker?
An insurance broker helps you find the best insurance policy among several options presented by many companies. They also guide you through the claims process.
Will my insurance be more expensive if I use a broker?
No. As insurance brokers, we work with different insurance companies to maximize the benefits for our clients. Brokers do not charge clients for their service, and costs do not increase because of our involvement.
What is insurance?
It’s a contract where the insurance company is committed to compensate for damages or losses in exchange for a premium paid by the insured.
What is a deductible?
It’s the amount for which the policyholder is responsible for in case of a loss.
What is a premium?
It’s the price for the insurance. This is the amount the insured party has to pay the insurance company for the policy. It’s usually a percentage of the insured amount.
What is insured amount?
It is the maximum amount that the insurance company will pay in case of loss.
What causes loss of coverage to the insured party?
Each insurance policy will explain the reasons that will invalidate the insurance policy and cause the insured party to lose coverage. These reasons usually include negligence, double coverage (meaning the object is covered in another policy), third party negotiations without insurance company’s approval, if a driver runs away in an accident, failing to follow the laws, and other conditions specific to the type of insurance and the company offering the service.
When should I purchase insurance?
You need to be at least 18 years old to purchase an insurance policy, and in most cases up until you are 65 years old (depending on the type and company). In Ecuador, insurance is not mandatory but it is strongly encouraged to get one in order to protect any type of belonging, property, profit, or others. It’s also important to have medical coverage in case of unforeseen expenses due to disease, accident or death.
What does it mean to be underinsured?
It means that the insured amount of a good or property is below its market value. If you are underinsured at the time of loss, the insurance company will only make proportional repair payments as agreed in the policy.
How can I pay for my insurance?
Insurance companies accept several payment methods and offer ways to finance your insurance programs.

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