Decennial Insurance

Directed at developers and builders, decennial insurance covers, as its name indicates, a period of 10 years, during which material damage may still occur to the building due to defects or faults in the foundation and structure, directly compromising the building’s stability.

Main Coverages of Decennial Insurance

The purpose of this insurance is to provide coverage as established by the Building Regulation Act.

BASIC STRUCTURAL DAMAGE COVERAGE

Within the limits established in the policy, the Insured guarantees, for 10 years from the effective date indicated, compensation or repair of damages caused to the insured building by defects or faults that originate from or affect the main structure, and that directly compromise its mechanical strength and stability.

Material damages in the development

As long as they are a direct consequence of an insurable event.

DEMOLITION AND DEBRIS REMOVAL COSTS

That have been necessary as a result of material damages in the construction.

Costs of removing debris from damaged parts

Repair or restoration costs

Of other parts of the building damaged as a result of waterproofing and sealing incidents.

Reasonable repair or restoration costs

Other parts of the building damaged intentionally and necessarily solely to repair the damages caused.

WATERPROOFING AND SEALING COVERAGE

The costs of repairing or replacing elements described as a work unit that guarantee the waterproofing of roofs, terraces, and ceilings, facade waterproofing, and basement waterproofing damaged due to design errors, material defects, or execution faults, provided that material damage caused by water has occurred.