Our insurance brokerage in the Canary Islands has experience in insurance for the Promotion - Construction sector. We offer promoter companies in the Canary Islands security insurance for advance amounts, simplifying the procedures and document management required by this type of insurance.
What is a guarantee of amounts insurance?
Security insurance is a form of surety insurance, designed to protect the home buyer against the promoter; in the event that the former delivers advance amounts and then the construction of the home does not end within the agreed term.
What does surety insurance cover?
The purpose of the surety insurance is to guarantee all payments made in advance by the buyers in the event that the construction is not carried out or is not completed within the agreed period.
Who is obliged to take out surety insurance?
Law 38/1999 on Building Regulation determines the obligation of housing developers to take out surety insurance whenever they receive advance amounts of money from the buyers of the properties to be delivered.
What is a special account for surety insurance?
It is one of the guarantees required by the building regulation law and its purpose is that the advances that are paid by the buyers are deposited in a specific bank account and that the promoter can only dispose of said amounts to cover expenses derived from the construction of houses.
Until when must the bonding insurance be in force?
The security insurance will be in force until the date of obtaining the first occupation license and the constitution of the deed of sale. Both documents are necessary to cancel the policies.
How can I take out surety insurance in the Canary Islands?
Our insurance brokerage in the Canary Islands will advise you on all the procedures, simplifying the paperwork required for these types of policies. Understanding surety bonds is complex and requires extensive information and documentation. Contact our team for complete information about surety bonds.
What other insurance does a construction promoter in the Canary Islands need?
In addition to performance bonds, Canary Islands property development companies need to protect their operations with Construction Liability and Construction Accident insurance . Our brokers in Tenerife and Las Palmas have experience with insurance for construction and development projects in the Canary Islands . If you would like more comprehensive advice, please contact us.
