COMPREHENSIVE CONSTRUCTION INSURANCE

This insurance covers material loss and damage that civil engineering works or buildings may experience while building work is being carried out.

TEN-YEARLY DAMAGE INSURANCE

Spanish Building Act 38/99, of 5th November requires that this insurance be taken out for buildings that are mainly for housing. The policyholder of the insurance is the developer, and the insured party is the owner of the interest being insured, to whom the rights stemming from the agreement correspond, in this case the developer and the subsequent owners during the lifetime of the insurance.

At Cicor, we have a computerised management platform for Technical Control Body reports, reservations, provisional policies and supplements to effective cover that allow us to have effective cover in 3 days.

COLLECTIVE BARGAINING AGREEMENT ACCIDENT INSURANCE

This insurance provides cover for indemnities to workers stipulated in the Construction Agreement, if they are on the payroll. The capital sums covered by the policy are updated annually on the basis of the agreement renewal conditions agreed by the sector.

PAYMENT IN ADVANCE GUARANTEE

This is regulated by the First Additional Provision of the Spanish Building Act (LOE), whose first paragraph stipulates that the receipt of payments in advance by developers or agents for building works shall be covered by an insurance that indemnifies for breach of contract in the same way as the provisions set out in Spanish Act 57/68, of 27th July on advanced payment for housing construction and selling.

SURETY BONDS

By means of this insurance, the insurer undertakes, in the event of non-performance by the policyholder of its legal or contractual obligations, to indemnify the insured party through compensation or penalty for damages within the limits set out by law or in the contract. Construction businesses working for Public Authorities are obliged to submit a surety bond insurance or bank guarantee when bidding for tenders and when carrying out the works if they win they tender.

The main advantages of Surety Bond insurance over bank guarantees are the non-immobilisation of the business’s financial resources, that they do not involve a banking risk and the cost is usually lower, because there is no administration commission, maintenance commission or feasibility study charge.

Other Products

At Cicor Internacional, we also have other products that complement and broaden the range of specific services for the construction sector mentioned here:

• Directors’ and Officers’ Civil Liability
• Machinery Breakdown
• Vehicle fleet
• Cover for tools in vehicles
• Cover for the developer’s unsold housing stock
• Directors’ Accidents
• Collective Health
• Temporary Disability Collective Life