- Why a 10-year insurance for the build?
- What is covered by this insurance?
- What documentation do I need in order to take out this insurance?
- Is there a law forcing me to take out insurance for damages to the building?
- Can all buildings be insured?
- Who is required to take out this insurance?
- Who is the insured party?
- What risks are excluded?
- When does coverage of the 10-year insurance start?
Why a 10-year insurance for the build?
The answer is simple: to improve build quality and to apportion responsibility for it.
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What is covered by this insurance?
Material damages due to vices or defects arising from or affecting the foundations, supports, beams, ironwork, load-bearing walls or other structural elements and which directly compromise the mechanical resistance and stability of the building, as well as the secondary work, installations, town planning, etc.
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What documentation do I need in order to take out this insurance?
You need to take out a provisional policy as soon as building work begins. In order to do this, the Insurance Company must receive the corresponding questionnaire request form as well as the D0 Report from the Technical Control Body (Organismo de Control Técnico, or OCT).
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Is there a law forcing me to take out insurance for damages to the building?
- Spanish Law 38/1999 of 5th November regarding the Spanish Building Act, Ordenación de la Edificación (effective as of 06/05/00).
- Istruction 11/09/2000 Spanish Registrars and Notaries. For more information, see the Spanish Directorate of Insurance (D.G.S).
- Spanish Law 53/2002 of 30th November regarding Fiscal, Administrative and Social Order Measures, additional provision number 2, Art. 105 modification Spanish building act, L.O.E. (effective as of 01/01/03).
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Can all buildings be insured?
- Those of a permanent nature, public or private, whose principal usage is:
- Housing (additional provision number 2).
- Buildings resulting from the following works:
- New builds.
- Works altering the facade, volume, foundations, structure or usage.
- Works in listed buildings.
- The fixed installations, equipment and town planning installations attached to the building.
The construction of buildings and the carrying out of works therein requires a predesigned project (Art. 2.2) and official licences and permits.
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Who is required to take out this insurance?
It is obligatory ONLY for residential buildings and is required of the developer of the building.
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Who is the insured party?
This is an atypical policy in that the insured party is not known by the insurance company, as it is the person who buys the property. There are insurance policies in which the insured party or beneficiary of the policy is directly named, and in this case it is the person who purchases the home.
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What risks are excluded?
- Bodily harm and economic damages.
- Damages to adjoining buildings.
- Damage to furniture.
- Work carried out after the handover, except for special circumstances.
- Damages caused by improper use or a lack of maintenance.
- Maintenance costs.
- Fire or explosion (except for inherent vices or defects).
- Unforeseeable circumstances or force majeure.
- Claims arising from items over which reservations were expressed at the handover.
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When does coverage of the 10-year insurance start?
Coverage starts upon completion of the works, when the developer hands the property over to the purchaser or insured party. The duration of the contract is 10 years, plus an extra two years during which claims may be made for damages arising during the 10 years for which the policy was valid.
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