With the entry into force in the year 2000 of the Building Regulation Law, the obligation to take out ten-year damage insurance was established. If the ten-year insurance contract is not accredited, the registration of a new work in the Property Registry will not be accepted.
What does decennial insurance cover?
The Ten-Year Insurance guarantees the entire building (foundation, structure, external enclosures, secondary work, equipment, installations, etc.) against damage arising from material defects, design or execution errors, originating from or affecting to the work and compromise the stability of the building.
What other coverage can be contracted in the decennial insurance?
In ten-year insurance, additional coverage can be contracted:
- Complementary Guarantees of the Decennial Insurance: Pre-existing, Indexation of capital, Waiver of recourse against other agents involved in the construction.
- Triennial Complementary Guarantees of the Decennial Insurance: Facade waterproofing, roof waterproofing, basement waterproofing, secondary works, installations.
Can you take out ten-year insurance in the Canary Islands without OCT?
Insurance companies do not usually insure works that present some type of aggravation, such as the execution of work without the intervention of a Technical Control Agency (OCT). Although currently there are insurers in the Canary Islands that offer Decennial Insurance without OCT, assuming the companies the technical control of the work. Our Insurance Brokerage in Tenerife and Las Palmas, has national and international lines of negotiation that allow us to search for solutions to all types of works with aggravation.
What is the OCT in Decennial Insurance?
The OCT stands for Technical Control Body. This body independently supervises the execution of the works from start to finish. The insurers study the OCT reports, and if there are no technical reservations (Report D7) they will insure the work without problems.
When should I hire the Decennial Insurance?
The Decennial Insurance is mandatory to contract it to be able to register the new work in the property registry. The Ten-Year Insurance coverage begins on the date of issuance of the Work Completion Certificate and delivery certificate to the promoter.
Can I contract a Decennial Insurance before the work is finished?
The ideal is to start the study of ten-year insurance before the start of the work. Companies can issue a pre-policy by paying 30% of the premium. At the end of the work, all the reports issued by the OCT will be studied, and if there are no aggravations or reservations, the pre-policy premium will be respected and the remaining 70% must be paid for entry into ten-year insurance coverage.
What documentation is needed to contract ten-year insurance in the Canary Islands?
Our insurance brokers in Tenerife and Las Palmas will provide you with the application to complete for the insurance study. You can also fill it out in the form that you will find at the top of this page. In addition to this request, you must send us the following documentation:
- OCT reports issued to date
- Geotechnical Report. This report studies the characteristics of the ground on which the work is based.
- Project report and plans.
