Ten-Year Structural Damage Insurance guarantees, for a period of ten years, the repair of or compensation for material damage suffered by a building as a result of defects affecting its structural elements and directly compromising its mechanical strength and stability.
Under Spanish Law 38/1999 on Building Regulations (Ley de Ordenación de la Edificación — LOE), this insurance is compulsory for developers of newly built residential properties intended for sale. The cover protects both the developer and the future owners of the property, providing an essential guarantee for the legal certainty and security of the development.
At IBERIAN INSURANCE, we offer solutions tailored to a wide range of projects, including:
We also recommend that self-build homeowners take out Ten-Year Structural Damage Insurance. Although they are exempt from this requirement when the property is intended for their own use, selling the property within ten years of completion may make this insurance necessary in order to formalise the transfer of ownership.
As a complement to Ten-Year Structural Damage Insurance, we offer Three-Year Damage Insurance, which provides cover for three years against material damage arising from waterproofing and watertightness defects in the building envelope, including façades and roofs.
This product is offered in partnership with Zurich, one of the leading insurers in the field of technical risks. The close collaboration between the underwriting teams of both organisations enables us to design bespoke solutions for developers, contractors, companies and private individuals, providing cover tailored to the specific characteristics of each project.