What makes our ten-year insurance different
We have designed the Ten-year building policy to meet the requirements of real estate developers, self-build developers and construction companies in line with current regulations on building quality.
What our Ten-year building insurance covers
During the first ten years after project handover, we guarantee compensation for, or the repair of, damage to the building that originates from or affects its foundations or structural elements and compromises its structural safety.
Some causes that can lead to this type of damage are:
- Design errors.
- Defective materials or errors by the workforce.
- Foundation or structure failures.
- Fire or explosion due to faults or defects in the building's installations.
Besides the basic guarantee, which is compulsory under current legislation for residential buildings, Occident offers you other interesting guarantees, as well as the option of insuring non-residential building projects.
Extend your insurance according to your needs with the following additional guarantees or extensions:
- Pre-existing items, so that you have adequate protection during restoration work. We offer you the possibility of protecting those parts of the building which are going to be preserved.
- We will waterproof roofs, façades and basements if they are damaged by water in the first three years.
- Waiver of the insured person's right to take legal action against the contractor, the professionals who drafted the project and the site managers. With this coverage, Occident foregoes taking legal action against these parties in the event of loss covered by the policy.
- Revaluation of capital, so that, if construction costs go up in the period covered by a ten-year policy, the compensation is always sufficient.
FAQs
The Ten-year building policy is mainly aimed at companies involved in building: property developers, construction companies and self-build developers.
Contracting this type of insurance is compulsory by law in order to enter any residential property in the Property Register. This applies to the construction of new buildings and the refurbishment of buildings built after the Building Regulations Act came into force.
In addition, although it is not compulsory by law, Occident offers you the possibility of insuring non-residential buildings, such as office buildings and commercial premises, hotels, car parks, administrative and cultural buildings and hospitals, as well as refurbishment projects. Thanks to our protection, your projects will enjoy extra protection and safety.
This insurance covers the integrity of the building after project handover. Coverage is guaranteed for material damage to the building as a result of faults or defects originating from or affecting its foundations and structure that directly compromise the mechanical resistance and stability of the building.
The coverage, for a period of 10 years, begins when construction work is completed and the project handover is signed. The policy protects the building's owner during the 10-year coverage period.
To take out the insurance, it is essential for a recognised and qualified technical inspection organisation to oversee the planning and execution stages of the project and audit the quality of the building work. The organisation's reports allow the insurance company to know and assess the risk.
The inspection must be contracted by the developer and its cost is one of the items included in the final value of the building.
The ten-year policy is long-term insurance and revaluation protects you against capital shortfalls. Automatic revaluation allows the initial capital to be increased by 2.5%, 3.5% or 5% annually.