A two-component, polymer-modified thick waterproofing coating designed for demanding structural waterproofing applications. After mixing the liquid and powder components, it forms a highly flexible, crack-bridging membrane with excellent resistance to hydrostatic pressure, frost, and de-icing salts. Suitable for basement waterproofing, plinth protection, wall-floor junction sealing, floor slabs, and structural elements in contact with soil. The coating can be applied by trowel, brush or spray and provides durable waterproof protection for both vertical and horizontal surfaces.