Surety Policies for Construction Works.

Construction surety insurance is an effective tool to ensure the success of your venture. Depending on the type of contract and the obligation to guarantee, there are specific policies, with variants in terms of the types of coverage, their scope and conditions, such as the Maintenance of the Offer, Execution of the Contract, Financial Advances, Substitution of Repair Funds and others.

Contractual guarantees

The contractual guarantee is a surety insurance for tender contracts, public or private, through which the conditions are guaranteed from the opening of the tender to the end of the contract that arises from the award of the same.

:: Offer maintenance

This policy guarantees to the Insured the obligations of the Policyholder to maintain his offer and in the case of being a successful bidder, sign the respective contract, in full in accordance with the form and deadlines required by law and in the bidding rules.

This policy is billed only once and is automatically terminated, since if the Policyholder is the successful bidder, it is terminated with the signing of the contract, otherwise if the successful bidder is another bidder, it loses its meaning.

:: Compliance, execution and award of contract

This policy covers the guarantee that the Policyholder is required to respond to for the timely and proper fulfillment of its obligations derived from the contract signed with the Insured.

Its validity is indeterminate, and it will be billed automatically until the return of the same or with the provisional reception of the work without any observation. The billings are in advance.

:: Substitution of reparation funds

As determined in the specifications, the works are certified according to their progress, in these cases the Insured retain 5% of the certification as a repair fund, this amount is destined to answer for hidden defects or damage to 6 months to 2 years.

The function of the Reparation Fund policy is to substitute said retention and is liable up to the total Insured for the aforementioned defects or defects.

:: Financial and / or storage advance

The Distribution or Client usually requires to make an advance payment, either as financial support or for the purchase of materials, the constitution of a guarantee by the recipient (the contractor or supplier). The surety policy for financial advance and / or storage allows the client the possibility of accessing this requirement in an agile and fast way.

:: Grant guarantees

Coverage intended to guarantee compliance with the contractual obligations of a concession contract, as well as the payment of the canon if the contract provides for it.

:: Guarantees for certification of progress of works or Manufacturing

This policy guarantees the Client the payments made in advance to the Policyholder when he manufactures a good, commissioned by him, in his own facilities.

:: Guarantees of possession of goods

The possession and subsequent return of the property owned by the Insured that he has delivered or will deliver to the Policyholder for use, repair, maintenance or reconditioning is guaranteed, in accordance with the terms of the contract that have been determined by the parties.

Construction insurance

Civil liability constructions

The construction civil liability insurance is intended to cover the liabilities derived from possible damages to third parties that the execution of a construction or repair work may cause.

Professional civil liability

The coverage is aimed at protecting professionals against claims from clients and / or third parties for acts that generate financial losses based on errors, failures or negligence, committed during the performance of their activities or provision of their services.

Personal accident insurance

The Personal Accident insurance covers the damages that, due to traumatic causes, the Insured could suffer, leaving consequences that imply from total or partial disability, permanently, until his death.

Construction All Risk Insurance

The Construction All Risk insurance covers material damages and losses suffered by the insured assets and / or interests that are in the process of construction or assembly, which happen accidentally, suddenly and unforeseen.

The raison d’être of all-risk construction insurance is to cover all damage and / or material losses of the work when it is the result of an accident. This includes civil works and installations (cost of material and labor), due to fire, explosion, lightning, theft and looting, risks of force majeure or nature (whose occurrence and intensity is not foreseeable in the place of the work and the time of year) and risks inherent to the execution of the work.

All Risks Construction (comprehensive coverage for construction works), All Risks Assembly (All Risks coverage for assembly works of equipment, machines, etc.) and Contractor Equipment (protection for machines and equipment used in construction)

Leave a Reply

Your email address will not be published. Required fields are marked *