During the execution of a work, a wide variety of risks can arise that can lead to delays in the execution and significant additional costs. For this reason, it is necessary that the promoters or construction companies receive correct advice and take out the best All Risk Construction insurance in the Canary Islands.
What is insured with the Construction All Risk insurance?
The risk that is insured in an All Risk Construction policy is the work itself that is going to be built. Material damage that is a direct consequence of an accidental and unforeseeable cause is insured in the event of any unforeseen accident.
What coverage does a Construction All Risk insurance have?
The Construction All Risk insurance covers any material damage to the work, except that which is not expressly excluded in the policy. In general, damage resulting from fire, theft, vandalism, explosion, natural phenomena (rain, wind, etc.) would be covered. Demolition and debris removal expenses, fire extinguishing expenses, consequences of the design error, etc. are also covered.
For what time is the All Risk Construction insurance contracted?
The duration of the All Risk Construction insurance coincides with the period of execution of the work. When contracting the insurance, the expected date of completion of the work must be indicated. Once completed, the validity of the insurance expires, although Maintenance coverage can be additionally contracted for a period of 12 to 24 months.
What happens if the work lasts longer than expected?
If the construction work is not yet finished by the policy's expiration date, the insurer must be notified of the new expected completion date so that the policy can be extended. Some all-risk construction insurers in the Canary Islands include the first three-month extension free of charge.
How can I take out Construction All Risk insurance in the Canary Islands?
Our insurance brokers in Tenerife and Las Palmas de Gran Canaria will provide you with the application form you need to complete for a comprehensive construction insurance policy. You can also complete the application using the form at the top of this page. The required documentation is simpler than that needed for ten-year structural warranty insurance. To obtain comprehensive construction insurance in the Canary Islands, you should initially only need to submit the Construction Project and the Project Report.
For what works can you take out All Risk Construction insurance in the Canary Islands?
It is feasible to take out All Risk Construction insurance for any type of work in the Canary Islands: homes, residential buildings, shopping centres, hotels, etc. Even for a self-construction home, it is possible to take out Construction All Risk insurance.
Who can take out Construction All Risk insurance?
The Construction All Risk Insurance can be contracted by the promoter or interested in the work, or it can also be contracted by the main contractor.
