Decennial

Basic or Structural Damage Guaranty

For a ten-year period after the building reception date, HCC Europe guarantees compensation for or repair of material damage of the insured building arising from flaws or defects in or affecting the foundation or the structure, and directly compromising the building’s mechanical strength and stability.

The guaranty also covers any damage to the housing development surrounding the building as a result of the damage described above.

The guarantee covers expenses arising from collapse of a building’s basic construction, plus expenses associated with demolition and hauling and removal to prepare for repair work foreseen in a policy-covered claim (up to five percent of the cost of said claim).

The guaranteed amount is 100 percent of the final value of the construction at the time of reception, including contract cost of execution, the project and the supervising architect’s fees, the Technical Inspection Organization’s fee, licenses, taxes, and any other expenses incurred to execute the project.

Complementary Guarantees
• Waterproofing of Decks, Balconies, and Roofs or Façades or Basements
This guaranty covers the costs of repairing or replacing waterproofing on decks, balconies, and roofs or building façades or basements that are damaged as a result of design errors, faulty materials, or deficient installation, provided that the problem has led to material damage caused by water.

The guarantee also covers collateral damage in other parts of the insured building, as well as expenses associated with hauling and removal of damaged debris.

• Appeal Waiver
With this guaranty, the insurance company waives its right to file claims against parties associated with the building process., which are expressly stated in the policy if there are any claims recoverable under the policy.

• Automatic Revaluation
Since this is a long-term insurance policy, arrangements can be made to have the insured amount revalued and kept up to date as the coverage period progresses.

• Preexisting Property
This guaranty covers property damage to preexisting property arising from a claim filed against the insured building covered by the basic guaranty.

• Demolition and Removal Expenses
Although this expense is already covered in the basic or structural damage guaranty, HCC Europe offers the opportunity to insure for a greater sum, up to the maximum amount set for this item.