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Construction Insurance. Products for Businesses
We can distinguish different types of insurance related to construction.
Coverage of Construction All Risks insurance
What does it include?
In construction insurance, material damage to the work itself caused by an unforeseen event is compensated until the completion of the work is certified.
With Construction All Risks insurance, the following basic coverages are included for accidental and unforeseen causes (they vary by insurer):
- Fire and explosion
- Theft and robbery
- Vehicle collisions, collapse of cranes, aircraft, and impacts
- Force majeure or natural perils (weather phenomena, floods, overflows, collapses, landslides, earthquakes, wind)
- Risks resulting from the execution of the work and from defects in materials or design errors
- Human error
These coverages can be extended with
Demolition or debris removal expenses
Extinguishing and salvage expenses
Construction machinery
Overtime expenses
Maintenance coverage
Liability can be added—compensation is guaranteed to any third party who suffers property damage or bodily injury due to the execution of the insured works.
If Employer’s Liability is added, compensation is provided for damages suffered by site personnel.
Coverage of Decennial insurance
What does it include?
The liability policy for architects and builders, known as the Decennial, should be highlighted.
This insurance is mandatory under the Building Regulation Law (LOE).
This policy guarantees that if building damage results from a construction defect, the person who suffered the damage—a third party—may seek recourse against the architect or the builder.
Coverage of Surety insurance
Construction-related surety insurance may include:
- To cover obligations to the Public Administration
According to the Public Sector Contracts Law, public administrations award works, services, or supply contracts to private companies via public tenders.
- To guarantee the construction of renewable energy projects
And the commissioning of a photovoltaic facility or solar farm.
- A guarantee insurance for advance payments that is mandatory by law (LOE).
Property developers and managers of housing cooperatives must guarantee the refund of amounts paid on account by homebuyers if the project is not built or completed.
Do you want more information?
- Emergencies: 800 10 200 000
- spain@cyberlevelins.com
- Address: Calle Serrano 93, 3 E, Madrid, Spain