More protection for your construction project Construction guarantee insurance

What is construction guarantee insurance?

Hidden defects in a new construction or renovation project often don’t become apparent until after the project is finished. This can lead to heated disputes between the construction owner and the construction company. Construction guarantee insurance from AXA protects both parties. 

Construction guarantee insurance (e.g. “work guarantees”) means that AXA stands surety for claims made during the warranty period of five years in the event that the contract was not properly fulfilled. If the construction companies involved are no longer able to rectify the damage caused (due to bankruptcy, for example) or they refuse to rectify the damage, AXA will assume the costs incurred. This gives you optimum protection for your construction project even after work has been completed. 

What advantages does AXA construction guarantee insurance offer?

• More liquid funds: A construction guarantee means you don’t have to tie up your money to cover potential damages. And you won’t need to use your credit line with your bank.
• Less administration: The combined works guarantee from AXA lets you combine all your construction guarantees in one contract. This gives you a better overview – and in the event of a claim it means you only have one partner to deal with: AXA.
• Free specialist and technical support: If damage is done, an AXA expert will inspect the defect and work with the companies involved to find a solution.
• Uncomplicated online administration: The myAXA customer portal lets you report, issue and manage guarantee certificates simply and easily. The renewal or increase in your premium deposit generally takes place within one working day.

Who should have construction guarantee insurance?

Construction guarantee insurance is important for construction owners and construction companies that construct new properties or renovate existing properties and want to protect themselves against any claims arising from hidden construction defects.