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All-Risk Construction Insurance

Protect your construction project from the moment your loan is disbursed.

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All-Risk Construction Insurance
I want it

Choose your coverage against environmental events

Total protection against natural disasters for your property, crops and projects.

Construction and Works

0.35% of works value
  • Rain, wind, hail and storm damage
  • Seismic and landslide coverage
  • Theft of materials and equipment on site
  • Third-party civil liability
  • Term per schedule
Builders, contractors and architects with active works.
I want it
Recommended

Agricultural Crops

4% of insured value
  • Coverage against drought, hail and frost
  • Floods, excess rain and winds
  • Loss from pests and uncontrollable diseases
  • Free agronomic appraisal on claims
  • Eligible for Government subsidy
Farmers wanting to shield production against climate.
I want it

Business Assets

0.5% of insured value
  • Seismic, tsunami and eruption coverage
  • Flood, hurricane, electrical storm
  • Business interruption loss
  • Industrial content and machinery
  • Rebuilding at replacement value
Medium and large companies with weather-exposed assets.
I want it
Discover the benefits

Benefits

Exclusive advantages for construction projects financed with INOVACOOP.

Everything you need to know

Features

General features of the Construction All-Risk Insurance tied to your mortgage loan.

  • Broad coverage
    Starts at loan disbursement and lasts throughout construction for up to 12 months.
  • Flexible terms
    Ordinary mode up to 2 years, or extraordinary mode up to 5 years to file claims.
  • Fast indemnification
    We pay indemnification in the month after validating the event.
  • Simple payment
    The full premium is deducted from the loan disbursement, with no additional paperwork.
Coverages and uses

Discover the coverages included in this insurance

Tap each option to expand the details of what is covered.

Basic coverage
Covers material damage from employee negligence, aggravated theft, fire and other sudden/unforeseen events affecting your construction site.
Complementary coverage
Depends on the endorsement you submit before disbursement and that INOVACOOP approves. Expands basic coverage with additional protections tailored to your project.
Terms and deductibles

Terms — Deductibles

This is the portion of the damage that you cover. This way we protect what you are building together.

  • General damage
    For damage to your works, you pay 10% of the event (minimum 2 SMLMV). Includes basic coverage and simple maintenance.
  • Theft or disturbance
    For theft, riot, mutiny or malicious acts, you pay 10% of the event (minimum 2 SMLMV).
  • Natural events
    For earthquakes, tremors, eruptions or tsunamis, the deductible is 2% of the exposed works value (minimum 2 SMLMV).
  • Third parties and neighboring properties
    If third parties or neighboring buildings are affected, you pay 10% of the event (minimum 3 SMLMV).
Included extensions

Not covered

Assets and situations excluded from this insurance coverage.

Vehicles

Floating vessels, publicly-licensed cars, aircraft or employee-owned vehicles.

Extra assets

Cash, negotiable instruments, blueprints or documents.

Land

Crops, plantings, forests, trees or timber growth.

In case of earthquake

No assets affected by earthquake are covered under basic protection.

Property extras

No murals or decorations on the insured building.

Ideal for

Builders, owners and developers running mortgage-backed projects with INOVACOOP.

Interested?

Write to us and an advisor will get in touch.

Request more information
Requirements to get it

Requirements to obtain it

Requirements for the Construction All Risks (CAR) insurance.

Membership as a partner

  • Original valid national ID card (or foreigner ID for non-Colombians).
  • Be of legal age (18+) to hold the product.
  • Fill in the single INOVACOOP membership form.
  • Personal-data handling authorization (Law 1581/2012).
  • Authorization to consult and report to credit bureaus.
  • Payment of the minimum membership social contribution.

General insurance requirements

  • Valid ID of the policyholder and insured (if different).
  • Insurance application form filled and signed.
  • SARLAFT form and source-of-funds declaration.
  • Payment of the initial premium (monthly, half-yearly or yearly).

Legal entities / companies

  • Legal existence & representation certificate under 30 days old.
  • Updated RUT and current shareholder composition.
  • ID of the legal rep and shareholders holding over 5%.
  • Last two (2) years of financial statements signed by rep and accountant.
  • Board minutes authorizing the product opening.

Project documentation

  • Current construction permit issued by the urban curator.
  • Signed construction contract and detailed budget.
  • Architectural and structural plans plus overall project schedule.
  • Soil study and project risk analysis.
  • Site director professional certification (current license).
Documents must be current and original. INOVACOOP may request additional information based on credit or risk analysis for the product.
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