Guarantee for new construction works
Construction guarantees for housing development.
Guarantee insurance
for businesses
Companies who develop housing must provide guarantees to their buyers in order to begin selling the property.
The surety insurance or bank guarantee is compulsory by law for any individual or legal entity that carries out housing development.
The surety insurance guarantees the amounts paid on account by the home buyers in the event that the development is not completed or does not meet the planned construction deadlines.
The legislation on compulsory insurance is the Ley de Ordenación de la Edificación (L.O.E.) of 5 November 1999 and concordant provisions.

Ten-year damage insurance
The L.O.E. establishes the personal and individualised demand for civil liability of the different agents for material damage to the building, but does not specify the requirement for insurance to cover this liability.
The ten-year damage insurance covers this space, the promoter takes out this insurance and guarantees the protection of the user for material damage to the building.
Advantages of
Surety Insurance
Policies over
5 years
Increased ability to
participate in auctions
No blocking/pledging
of bank balances
Does not consume CIRBE
More efficient
Plafond System
Coverage:
Types of Surety Insurance
SURETY INSURANCE
Consult the different Surety Insurances that we have available
Every contractor who applies for a public tender, as established in the Law on Contracts with Public Administrations, needs to submit, together with their bid, a bid bond to ensure that, in the event that they are awarded the contract, they will sign the performance contract in accordance with the conditions under which they made their bid.
For those Contractors who have not been awarded the contract, the validity of this guarantee shall last until the awarding of the contract.
These guarantees may be constituted by means of a surety insurance policy issued by an insurance company authorised to do so by the Directorate General of Insurance.
The loss arises in the event that the Insured Party awards the contract to the Policyholder and it is not formalised for reasons attributable to the bidder (Policyholder).