SPANISH COMMERCIAL CODE Title VIII INSURANCE IN GENERAL AND IN PARTICULAR THE INSURANCE LAND § 1. Definitions Article 512. Insurance is a bilateral, conditional, random by which a natural or legal person takes upon himself a certain time any or all of the risks of loss or damage that are certain objects that belong to someone, forcing, for a fee agreed to compensate the loss or other damages suffered by the objects estimable insured. Article 513. It is called insurance the person taking the risk of his own, ensured that it is free, and premium pay or insurance rates. Risk means the possibility of any unforeseen circumstances that may cause loss or damage to the insured. Loss is loss or damage of the goods insured. More sinister called the total or near total loss, and left the less simple the insured property damage. The loss or impairment of the three quarters of the value of the insured is considered a total loss only in cases specified by l...