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. It is for businesses with risks that normal commercial policies will not accept. Those risks include:

• High-pressure equipment and heavy machinery
• Flammable materials and large-scale storage
• Automated production lines
• Risk of environmental contamination
• A large insured value — usually over €1 million in buildings or stock

Spanish industry clusters in certain areas. The main ones are:

• The petrochemical belt around Tarragona.
• The car-making hubs in Galicia and Catalunya.
• The food-processing corridor in Murcia and Almería.
• The ceramics trade in Castellón.
• The wider manufacturing base across the Comunidad Valenciana.

Each cluster has its own claim profile. So Generali organises its underwriters by sector, not by region.

Generali Industria is the dedicated industrial product. It is written on a per-risk basis, with an engineering survey for any insured value over €5 million. You can take it as a single-package policy. Or you can split it into separate property, business-interruption and liability layers. The choice depends on how complex the operation is.

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.
• Time excess: normally 2 days — the first 2 days of the interruption are not indemnified.

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. The right one depends on the size and complexity of the operation.

Single-package industrial multi-risk — this is for operations with insured values up to about €10 million. Its main features are:

• Property, business interruption and civil liability all sit on one policy, one schedule, one renewal date.
• It is easier to manage and usually means a lower total premium for the underwriter.
• It suits most SMEs.

Layered industrial programme — this is for larger operations, or where one insurer cannot take the whole risk. It works as follows:

• Property and business interruption go on one programme.
• Civil liability and product liability go on a second.
• Environmental liability may sit on a third.
• Each layer has its own limits and excesses.
• The structure also lets a different reinsurer stand behind each layer.

It is more complex but more flexible. It is needed for any operation over about €25 million in insured values.

Generali underwrites both approaches. We regularly build 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 largest underwriting capacity of any Spanish-based insurer for industrial risks:

• It is backed by Generali's global reinsurance treaty.
• It also has direct deals with international reinsurers (Munich Re, Swiss Re, Hannover Re).
• Generali's industrial division can cover single risks up to €500 million in property value.
• Larger placements are shared across several insurers.

The real edge is the in-house engineering team. Every risk over €5 million in insured value gets a free survey by a Generali engineer before cover starts. Their advice often brings the quoted premium down. The yearly surveys are also free for the life of the policy. They regularly catch problems — failing electrical panels, blocked sprinkler heads, missing fire-stops — before they turn into claims.

Cancellation rights. Annual contracts auto-renew under Ley 50/1980 Article 22. Cancellation requires at least one month's written notice before renewal.