Industrial Risks Insurance Spain

What Is Industrial Risks Insurance?

Here is what you need to know.

Industrial risks insurance — seguro de riesgos industriales — is a specialist multi-risk product designed for businesses whose operations create or face exposures that mainstream commercial policies will not accept: high-pressure equipment, flammable materials, heavy machinery, large-scale storage, automated production lines, environmental contamination potential, or simply the scale of insured value (typically over €1 million in building or stock).

The Spanish industrial market is highly concentrated in specific zones — the petrochemical belt around Tarragona, the automotive cluster in Galicia and Catalunya, the food-processing corridor in Murcia and Almería, the ceramics industry in Castellón, and the diverse manufacturing base across the Comunidad Valenciana. Each cluster has its own claim profile, and the Generali underwriters are organised by sector rather than geography for exactly this reason.

Generali Industria is the dedicated industrial product, written on a per-risk basis with engineering surveys for any insured value over €5 million, and structured as either a single-package policy or as separate property / business-interruption / liability layers depending on the complexity of the operation.

Who Needs Industrial Risks Cover

Many expats in Spain benefit from this cover.

What Generali Industria Covers

Property and material damage:

• Buildings at full reinstatement value — including fire, explosion (specifically reinstated for industrial risks where standard policies sublimit it), collapse, water damage, weather perils, vandalism and impact damage.
• Industrial machinery and plant — covered against breakdown, electrical and mechanical failure, operator error, and progressive damage. Engineering-survey underwriting establishes the baseline condition.
• Stock and raw materials — at market value or replacement cost, including third-party stock under warehouse-keeper liability.
• Goods in transit between sites — own-account fleet movement and cold-chain integrity for refrigerated goods.
• Computer systems and process control — including SCADA and industrial-control-system breakdown that interrupts production.

Business interruption (lucro cesante industrial):

• Lost gross profit during the indemnity period (typically 12, 18 or 24 months for industrial risks).
• Increased cost of working — paying overtime, renting alternative premises, expediting raw materials.
• Supplier-failure extension — covers business interruption caused by damage at a key supplier's premises.
• Customer-failure extension — covers business interruption caused by damage at a key customer's premises (for businesses dependent on a small number of customers).
• Public utility failure — protection against extended power, water or gas outages affecting your operation.

Civil liability:

• General civil liability up to €5,000,000 for industrial activities (higher limits available).
• Product liability for goods sold or delivered, with worldwide territorial extension available.
• Environmental liability — gradual pollution, sudden-event pollution, and the costs of regulatory clean-up under the Spanish Environmental Liability Law (Ley 26/2007).
• Employer's liability for workplace accidents.
• Cross-liability and waiver-of-subrogation extensions for joint ventures and contractor arrangements.

What Is NOT Covered

Here is what you need to know.

• Defective workmanship or design — the cost of replacing the defective product itself; consequential damage caused by it is covered.
• Wear and tear, gradual deterioration, corrosion — standard for any property policy.
• Pollution from deliberate or knowing emissions — only sudden, accidental and unintended pollution is covered.
• Asbestos exposure — fully excluded across the Spanish market.
• Cyber events — covered under a separate cyber policy (Generali Ciber). Industrial-control-system attacks are a known gap.
• Product recall costs — available as a separate optional extension; not included in baseline cover.
• Loss of market or pure financial loss — only business interruption following a physical damage event is covered.

Cover Approaches

Industrial risks are written under one of two approaches depending on the size and complexity of the operation:

Single-package industrial multi-risk — for operations with insured values up to about €10 million. Property, business interruption and civil liability are written on one policy, one schedule, one renewal date. Easier administration, generally lower aggregate premium for the underwriter, suitable for most SMEs.

Layered industrial programme — for larger operations or anywhere a single market lacks capacity. Property and business interruption written on one programme, civil liability and product liability on a second, environmental liability potentially on a third. Each layer has its own limits and excesses, and the structure allows the use of different reinsurers behind each layer. More complex but more flexible, and necessary for any operation over about €25 million in insured values.

Generali underwrites both approaches and we routinely structure layered programmes for clients in the €10–€100 million insured-value range.

Indicative Annual Premiums

Disclaimer: All figures are indicative for 2026 and subject to underwriting at the time of application. Final premium depends on age, occupation, postcode, sums insured and individual risk profile. Contact us for a written quote.

Why Generali for Industrial Risks

Generali Industria has the deepest underwriting capacity of any Spanish-domiciled insurer for industrial risks, supported by Generali's global reinsurance treaty and direct facultative arrangements with international reinsurers (Munich Re, Swiss Re, Hannover Re). Single risks up to €500 million in property values can be underwritten through Generali's industrial division; larger placements are syndicated.

The technical advantage is the in-house engineering team: every risk over €5 million in insured value receives a free pre-cover survey by a Generali engineer, and the recommendations from that survey often reduce the proposed premium materially. The recurring annual surveys are also free of charge for the duration of the policy and frequently surface infrastructure problems — failing electrical panels, blocked sprinkler heads, missing fire-stops — before they cause claims.