While construction work is being executed, there may be different risks which result in damage and the resolution of which affects the normal development of the project. These damages entail expenses equal to the sum of the same and any other significant derived costs.


What is "Fully Comprehensive Construction" insurance? It is a type of insurance policy specially adapted to cover the risks of construction work, owing to which the Policy Holder is usually the Property Developer or the Principal Contractor.

The main object of our policies is the construction itself: permanent or temporary work carried out or to be carried out, including auxiliary work and building materials.


Coverage of the insurance policy:

These policies offer the possibility of two types of coverage:


1. Possible causes of risk covered by the policy:

> Conventional: fire, explosion, lightning, theft, impact, water, etc.

> Nature: wind, hail, rain, storm, flooding, burst banks, landslides, freezing, earthquake, etc.

> In execution: human error, material or installation defect, design errors, etc.


2. Optional coverage for possible causes of risk, through damage or wear:

> Maintenance period

> Demolition, rubble removal

> Termination expenses

> Supplementary expenses: overtime payments, courier transport

> Strikes, mutiny, civil unrest, sabotage, terrorism

> Construction machinery

> Construction equipment

> Employees' personal belongings

> Pre-existing goods


All types of work are suitable for a "Fully Comprehensive Construction" policy (housing buildings, offices, shopping centres, sports centres, hotels, hospitals, industrial warehouses, one-off projects and refurbishments).

The "Fully Comprehensive Construction" policy may be contracted on an individual project basis, or on an open policy basis, into which successive projects can be incorporated.

In any case, it is essential to define the planned construction period and give notification of the variation if there are any changes to the work schedule. The insurance is stipulated for the period of time defined in the policy, upon expiry of which it will be extinguished.

With regard to the value of the insurance, the material execution value (on completion) must be stated, including general costs and business profit. 




Corporate Multi-risk Loss of Earnings | Key Machinery Breakdown | Vehicle Fleets | Goods Transport | Hulls | Aircraft | Construction