Constructing a building, although it usually carries great benefits, also carries significant risks. Undoubtedly, construction is an activity from which it is relatively easy for accidents and claims that may affect a third party. That is why the vast majority of construction companies require insurance that covers them in the event of an accident or loss or damages that clients and contractors may claim.
In these cases, the Civil liability insurance for works it is the ideal product. To hire it, it is best to have the guidance of a good insurance consultancy. Euroteide Insurance is an Insurance consultancy located in the south of Tenerife that, thanks to its more than 25 years of experience in the Insurance sector, will know what type of Civil Liability Insurance each company requires. However, they not only work with this type of product, but also with Health insurances, Home insurances o Car insurance, among many others.
What is construction civil liability insurance
Un Civil liability insurance for works It is a type of policy that covers damages caused to a third party or a worker during the development of the professional activity, in this case a work. This type of insurance is especially indicated for companies dedicated to construction, as well as professionals of the trade such as architects, engineers or developers.
Taking into account the large number of risks involved in an activity such as construction, many professionals and companies in this sector choose to Comprehensive construction insurance that supports them comprehensively against negligence, claims, accidents and risks that may occur as a result of the work.
Types of civil liability insurance for works
Within the civil liability insurance for works there are different types of policies. They are as follows:
- Work policy: this type of policy temporarily guarantees the intervention of the insured in a specific construction. Specifically, you may intervene during the time the work is running.
- Open policy: these types of policies guarantee the works carried out by a construction company for one year. However, these types of policies are renewable every year, so your coverage may be extended.
- Decennial insurance: The decennial insurance is a type of civil liability insurance that guarantees for 10 years the compensation of the damages that have been caused in the building by those vices or defects that affect or come from structural elements of the building. This type of insurance is essential, since current Spanish civil legislation obliges builders to respond for these damages and defects for 10 years after the completion of the work.
- Employer liability insurance: This type of policy is especially suitable for contractors and employers, as they cover the company in the event of a claim by its workers for any type of accident, as well as their death.
What does the Construction Civil Liability Insurance cover
The coverage of this Insurance will vary depending on the person who had contracted it, as well as the type of policy that had been contracted. In any case, the coverage is as follows.
- Damage caused to the building such as its collapse.
- Falling objects.
- Fires and explosions.
- Electrical problems and failures.
- Loading and unloading of construction materials of a dangerous nature.
- Covers workers in case of any type of accident during the development of professional activity. Thus, the civil liability insurance for the work will cover the corresponding compensation that corresponds to the worker for bodily damage that occurred during the development of the work.
- It covers the indemnities that correspond to third parties in case of suffering patrimonial damage due to the work.
However, and despite the fact that the coverage of this type of insurance is very broad, the civil liability insurance for works does not include specific damages in communities of neighbors or owners.
Advantages of having a construction civil liability insurance
Hiring this type of insurance has multiple advantages that must be taken into account when hiring them. These advantages are as follows:
- This type of Insurance they usually cover all kinds of works, not only the construction of houses. They cover everything from works in a garage to works in a hospital.
- Lend legal advice by legal experts in the field.
- They guarantee the maximum safety in the development of a professional activity having to do with construction.
- Due to the precariousness experienced by the construction sector as a consequence of the crisis caused by the bursting of the real estate bubble, the Insurance companies recalculated the premium that had to be paid for these Insurances. So that, the premium for these Insurances is calculated based on the turnover volume of the company or professional of the construction in concrete. In this way, it is easy to find very competitive policies of this type of insurance in the market that are fully adapted to the needs and budget of the company and professional.
- This type of insurance includes a great diversity of jobs that have to do with the construction activity. Thus, architects, builders, developers or engineers, among other professionals, are covered.
Undoubtedly, the advantages of Civil Liability Insurance for work are many, so it should not be strange that almost all professionals in the sector have taken out a policy of this type of Insurance or are thinking of doing so. If you are thinking of hiring civil liability insurance, the best thing is to have the experience in the sector of a good insurance advice.
This is the case of Euroteide Insurance, an Insurance consultancy in the south of Tenerife that has more than 25 years of experience in the Insurance sector. With their experience in the sector, they will be able to advise you as best as possible so that you contract the insurance policy that best suits your needs and those of your business and your budget.