Decennial

Description

Since the L.O.E. (Act 38/1999 of November 5, 1999) Building Act took effect May 6, 2000, building developers of housing projects must be insured with a ten-year policy that guarantees compensation for property damage to the building due to flaws or defects in or affecting the foundation or the structure, and those flaws or defects which directly compromise the mechanical strength and stability of a building.

In our commitment to meeting the insurance needs of the real estate industry, we now offer the Decennial Building Damage Insurance policy, which is the right product to meet these new insurance needs. Our policy shows extra strength and confidence in the quality of these construction projects.

Since Spanish developers need to prove they have Decennial Building Damage Insurance before filing a new construction deed in the Land Registry, we recommend not waiting until the last minute. Even though the guarantees do not go into effect until the building is turned over to its new owners, you must contact our company at the onset of a project. Our Technical Inspection Organization will begin tracking the entire construction process, offering assistance with quality control, and ensuring you can deliver your product with all possible guarantees.

In addition to furnishing the mandatory Decennial guaranty required by the L.O.E, HCC Europe also offers several companion guarantees designed to protect clients from the consequences of construction flaws.

Moreover, we offer a risk management program that focuses on a building’s behavior after construction, preventing and minimizing any potential damage.

Our guarantees include: