Glossary entry (derived from question below)
English term or phrase:
Póliza escoba
Spanish translation:
personal guarantee
Added to glossary by
Kathy M
Oct 19, 2018 06:52
5 yrs ago
1 viewer *
English term
Póliza escoba
English to Spanish
Bus/Financial
Insurance
Dear colleagues. What would be the translation for "póliza escoba" into English? It's cropped up on its own in an annual report. Here is an explanation in Spanish: http://anular-poliza-de-afianzamiento.com/que-son-la-polizas...
Many thanks beforehand!
Many thanks beforehand!
Proposed translations
(Spanish)
4 | umbrella policy | bigedsenior |
3 +2 | Personal guarantee | Enrique Bjarne Strand Ferrer |
Proposed translations
11 hrs
Selected
umbrella policy
It is a form of insurance to protect the guarantors in the case of default on payment.
4 KudoZ points awarded for this answer.
+2
1 hr
Personal guarantee
It is a personal guarantee by the owner(s) towards the financing entity.
Reference:
https://www.elblogsalmon.com/conceptos-de-economia/que-son-las-polizas-de-afianzamiento-mercantil
Peer comment(s):
agree |
Luis M. Sosa
: Have not heard of 'póliza escoba' before, but, if Kathy's reference is closely related to the source document yes, this is the term
5 hrs
|
Thx
|
|
agree |
Charles Davis
: I think you're right on this
7 hrs
|
Thx. This one was tricky.
|
Discussion
"Umbrella insurance is extra liability insurance. This type of insurance policy is designed to help protect you from major claims and lawsuits [...]
What does umbrella insurance cover?
Still a bit hazy on what an umbrella policy covers? Well, let's dig into the details a bit. Umbrella insurance provides coverage for:
Injuries
Damage to property
Certain lawsuits
Personal liability situations listed below"
https://www.geico.com/information/aboutinsurance/umbrella/
Pues bien, una reciente resolución del Tribunal Supremo, de 11 de marzo, ha confirmado el criterio de la Audiencia Provincial de Granada que declaró la nulidad de una póliza “escoba”.
https://ultimahora.es/noticias/economico/2015/04/30/150765/s...
As is explained in some of the references, it is usually the owners that guarantee. This is something different than seguro de credito/garantia/caucion which is more like a trade credit insurance.
The term seems to be an informal way of referring to a /póliza de afianzamiento/ and has other names as given in this article.
I cannot find a definitive translation, unfortunately, perhaps someone else can help.