Construction Insurance

Construction Insurance Information

The reason for these insurance is that there are a variety of risks that arise in the construction of any work, these risks are random and can create damages that when repaired affect the planned development of the work both in planning and budget. Since a delay of the project completion date represents an economic condition.

The origin of this type of insurance is very recent, dates from 1929 for the construction of the bridge Lambeth on the Thames where it was subscribed for the first time an insurance that covered the inherent risks to the constructive activity. To this the reconstruction that follows after the first world war consolidates this type of insurance increasing the interest due to the appearance of new materials, new constructive techniques, new types of constructions, prefabricated ones, increase of plastic materials, etc.

Construction Insurance Coverage

The coverages of the Insurance of Works and Construction according to the different insurance companies can be of:

- Conventional risks (fire, explosion, theft, impact, etc.).
- Risks of force majeure or nature: Wind, hail, rain, snow, frost, storm, hurricane, cyclone, flood, overflows, sea attacks, subsidence, landslides, rockfall, earthquakes, volcanic eruptions, etc. .
- Own risks inherent to the execution: human failures, defects of materials, defective executions, consequences of design errors, etc.
- Technical risks inherent to the execution of the work.
- Equipment and construction machinery.
- Political-social risks.
- Pre-existing property or properties.
- Civil liability.
- The additional expenses for a loss.
- The maintenance period.
- Construction Machinery Breakdown.
- Decennial of Damages.
- Triennial Rehabilitation.
- RC Autonomous and Microenterprises.
- RC Construction.
- All Construction Risk.
- All Risk Construction Civil Works.
- Bonding.
- Bonds to the Administration.
- Health insurance

Construction Insurance Modes

The modalities of contracting the insurance of Works and Construction according to the different insurance companies can be:

- Property damage insurance: This type of insurance is designed for all types of works from the simplest to the renovation works. Includes construction of single-family homes, medium or large properties, industrial or commercial buildings, to the public work of any character and size.
- All Risk Construction Insurance: This type of insurance protects against damage or material losses produced as a direct consequence of an accidental and unpredictable cause.
- Policy by work: It covers a specific work.
- Open policy: Covers all the works undertaken by the Insured in an annuity, provided they are within parameters previously agreed with the Insurer. This policy is renewable.