Building and public works

Building and public works

In the construction area we offer global insurance solutions for those sectors where the main activity is focused on the construction of buildings and public works: airports, marine terminals, power stations, bridges, dams, water treatment plants, hospitals etc. Our diversification means that we are able to offer a wide portfolio of insurance products for protection against accidental and unforeseen risks affecting civil works or buildings.

For us, the key is the correct identification of risks in the earliest stages of a project with the appropriate risk management by all parties involved in order to take advantage of efficiencies in the changing environment of construction risks.

In MAPFRE Global Risks we have considerable experience in the buildings and public works sector and we are aware  that construction projects have certain peculiarities that differentiate them from what we know as traditional risks, due to the risk factors to which they are exposed: size, type of ground, complicated surveillance, high exposure to environmental phenomena such as wind and rain, complex orographical conditions due to slopes or complicated access, use of machinery with limited manoeuvrability, etc.

In addition to the above, there is the public interest factor, with the involvement of banks and public authorities that are linked to the country's economy and politics and which make it even more necessary to have exhaustive technical controls, studies and quality audits of the whole building and public works processes. Therefore, the construction companies need to carry out all stages of the project under ideal conditions and with maximum economy and efficiency of resources and to constantly update the processes. The extent of cover on equipment directly influences the amount of a claim.

Apart from the actual works, the insurance protection provided by MAPFRE Global Risks can be extended to cover machinery, construction equipment, legal liabilities, advanced loss of profit, errors in design, materials and execution. We offer global solutions during all stages of a project: from construction and testing to the maintenance period after completion and handover of the works. We are conscious of the fact that the testing period and start-up is critical, as well as the reinstatement of certain high value and complex equipment which can represent months of delay and very important losses. For these reasons, we always employ the best professionals in the identification of the technical risks during all stages of the construction process and provide effective and transparent communication with our clients.

With the objective of providing a personalized and complete service, we also offer additional insurances for our clients´ building and public works project: extra clean-up expenses, overtime, urgent transportation costs, air charter, professional fees, automatic sum insured increases or loss prevention and reduction expenses. The constant globalization process and demand for technological modernisation, together with local regulations on the impact of these processes on the environment and national restrictions, all represent a source of risk against which construction companies must safeguard to the maximum.

MAPFRE Global Risks is an active member of IMIA (international Association of Engineering Insurers), a worldwide network of engineering insurance experts.