The defect insurance is an obligatory insurance that the construction and property developer companies must hire to assure the possible structural damage that could suffer the housings during the following 10 years from the date of construction. Without the decennial insurance, it is not possible to inscribe the new build in the Land Registry.
The object of this defect insurance is to guarantee the safety of the inhabitants of a new building at the delivery of the work, by the damage suffered by vices or structural defects in the construction, and that they could affect straight to the mechanical resistance and the stability of the same one.
The defect insurance must be hired by the property developer at the moment of the securing of the pertinent building permit. To be able to realize the insurance, it is essential that the developer hires the services of an Organism of Technical Control (OCT). The OCT is an independent organism hired by the developer (normally there are companies of engineering and/or architecture) that take as a mission the control of the quality of the project, the material execution of the process of building, the correct subjection of the work to the project and the adequacy to the applicable regulation. Also he must help to certain fundamental moments of the constructive process (execution of the foundations, slabs, structures…) to be able to give faith of which the actions that are carried out accomplish with the requisites and the quality marked in the project.