What is decennial insurance?
On May 6, 2000, the Building Management Law came into force and established, as user protection, a Decennial Insurance mandatory material damage to the building, which must be signed by the promoter. New construction deeds will not be registered by the Property Registrars without proving the contracting of the Decennial Insurance.
The term "structural safety", used in the Decennial Insurance regulation, refers to material damage caused to the building, due to flaws or defects that originate in or affect the foundation, supports, beams, floors, walls load-bearing or other structural elements. It is essential that the mechanical strength and stability of the building be directly compromised.
What does decennial insurance cover?
- Basic Warranty: The Ten-Year Insurance covers the entire building (foundation, structure, exterior enclosures, secondary work, equipment, installations, etc.) for damage due to material defects, design or execution errors, originating from or affecting the fundamental work and that compromise the stability of the building.
- Complementary Guarantees of the Decennial Insurance: Pre-existing, Indexation of capital, Waiver of recourse against other intervening agents.
- Triennial Complementary Guarantees of Ten-Year Insurance: Waterproofing of facades. Roof waterproofing. Basement waterproofing. Secondary work. Facilities.
Can a decennial insurance be contracted for any work?
Most of the insurers that offer Ten-Year Insurance in the Canary Islands, they do not accept works that have some type of aggravation during their execution. The most common aggravations are:
- Works started and/or finished without control of an OCT
- Single-family homes that have their origin in a self-promotion
- Works with pre-existing elements
- Reforms and extensions
- Changes of ownership or interveners
- Running aggravations
- innovative materials
En canarisk we have national and international lines of negotiation that allow us to search for solutions to all kinds of works with aggravation.
Can ten-year insurance be contracted without OCT?
At Canarisk we have the necessary experience and knowledge in construction insurance, and we have open lines of negotiation with insurers that today do allow take out ten-year insurance without OCT. In the absence of these reports, the company will carry out the inspection of the work.
Can you take out ten-year insurance for finished work?
Not all insurers allow it, but with Canarisk it is possible. Certain companies accept the ten-year insurance contract for finished work, provided that the promoter signs a certificate of non-existence of accident from the completion of work.
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