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Glossary
Business risk

All-risk construction

Also: TRC · CAR

Policy that covers material damage to a work in progress and the civil liability arising from its execution.

In practice

It is structured in phases —execution, testing, reception, and maintenance— and each phase has its scope. Contracting it with the project closed, and not with the work started, is what allows adjusting the sublimits that are truly used.

Where it is addressed

This term is covered in Construcción y obra and applies when taking out Construcción.

Related terms

Maintenance periodPhase after the receipt of a work during which the all-risk construction continues to respond.Damage to adjoining propertiesDamage caused to neighbouring buildings and land by construction work: subsidence, vibrations, or lowering of the water table.Load testPhase of a project in which the installation is subjected to real operation before acceptance. It concentrates a large part of the claims during the period.First demand guaranteeGuarantee that obliges the insurer to pay upon the simple request of the beneficiary, without discussing the underlying relationship.Machinery breakdownCover that protects against sudden internal damage to equipment due to mechanical, electrical, or operational causes, without an external claim.General averageProportional distribution between ship and shippers of the sacrifice or extraordinary expense made to save the maritime expedition.
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