Construction, Real Estate and Financial Bond Insurance
The guarantees
Our recognised experience in the field of construction and real estate in Luxembourg enables us to provide personalised insurance solutions for all the following risks (non-exhaustive list):
- Civil Liability
- Professional Insurance
- Construction Site Insurance
- Ten-year or Decennial Civil Liability insurance
- Contractors All Risks (CAR) Insurance - All Risks Construction
- Financial Guarantee of Completion
- Insurance of professional premises
- Insurance of operating equipment
- Machinery Breakdown Insurance Insurance of Vehicles, Car Fleets
- Insurance for vehicles, car fleets and construction equipment
- Renewable Energy Insurance
Our service
We provide you with specific construction/property insurance solutions for all risks related to your business activity, whether you are:
- Building, civil engineering and public works companies
- Craftsmen
- Engineering professionals: technical design offices, architects, experts, consulting engineers, project managers, etc.
- Builders of private homes
- Manufacturers and traders
- Private, public or industrial project owners
- Developers
- Joint ownership syndicates
- Financing and property management companies.
The Financial Guarantee of Completion (FGC) in few words
The FGC (Financial Completion Guarantee) is compulsory when the project owner decides to carry out a VEFA (Vente en l'Etat Futur d'Achèvement in French) and is made law by articles L.261-11 and R261-17 et seq. of the Code de la Construction et de l'Habitation.
The FGC covers, until the Declaration of Completion of Works (DAT), the risk of financial default by the project FGC that could compromise continuation of the construction.
For whom is this guarantee intended ?
The FGC can be taken out by the seller of a collective, individual or mixed structure that they are having built (the ‘project owner’). If the project owner wants to proceed with the sale, they must provide the purchasers with a financial guarantee.
This guarantee can be constituted by:
- Own funds, if they are sufficient
- By a third-party guarantor
The advantages of the FGC:
- The option of marketing and selling the work as soon as work begins
- Obtaining a bank loan more easily
- Guarantees for legal and financial security for buyers
- A lower premium
- Flexibility in setting up the contract
When to take out a FGC?
The FGC must be taken out before work starts. It is often requested that it be established at the same time as the All Risks Construction cover.
