What are construction and assembly policies?
Whether your company is involved in the construction of buildings for the industrial or residential sector, or just to enlarge your premises, it is essential to have construction insurance.
Coverage features
Construction insurance covers the construction site for the duration of the works and for 12 months thereafter. There are three types of construction insurance:
- Construction and/or assembly civil liability insurance, for damages that the works may cause to a third party.
- All risk property damage and/or assembly insurance to cover damage that may be suffered by the construction itself due to weather risks, fire or theft, among other things.
- Ten-year decennial insurance to protect owners of new homes in the event of having to be compensated for material damage to the building due to its construction or affecting the structural elements.
How do we work construction and assembly insurances?
We follow up with our clients and their future projects. When a new construction project is about to start, we gather the necessary information: a complete construction project with the project report and schedule and a detailed budget.
With all this information, we work with several companies to offer the client the most competitive option that best suits their needs and the risks to be covered. Lastly, we present a proposal to cover the new work. It is important to work in good time on these projects and to have the documentation in place to ensure issuance prior to the start of the work.
Once the insurance has been taken out, the works continue to be monitored to see if it is necessary to extend the duration of the insurance.
- All risk construction and/or assembly weather risks Theft, fire, nature, consequences of error.
- Real estate civil liability
- Civil liability for damage to adjoining property
- Decennial
- Waterproofing of roofs and façades
- Construction and/or assembly liability
- Employers' liability, subcontractors' subsidiary and cross liability
- Civil liability of staff technicians
- Structural damage
- Operating civil liability
- Machinery liability
- Liability for pre-existing structures
- Demolition and debris removal costs
What can happen to trigger construction insurance?
- All risk construction: Fire and/or theft of machinery from construction sites.
- Construction liability: A worker in a subcontracted company, carrying out work on a machine, has an accident at work that causes him to lose mobility in one hand.
- Decennial: A company receives a complaint about a defect in the structure of the dwellings in a building it owns that has made it dangerous to inhabit due to the possibility of collapse.
