diff --git a/sqlmesh/core/engine_adapter/clickhouse.py b/sqlmesh/core/engine_adapter/clickhouse.py
index 16ae5b5b51..9845c46ae0 100644
--- a/sqlmesh/core/engine_adapter/clickhouse.py
+++ b/sqlmesh/core/engine_adapter/clickhouse.py
@@ -668,17 +668,19 @@ def _exchange_tables(
                 f"EXCHANGE TABLES {old_table_sql} AND {new_table_sql}{self._on_cluster_sql()}"
             )
         except DatabaseError as e:
-            if "NOT_IMPLEMENTED" in str(e):
-                # If someone is using an old Clickhouse version, an OS that doesn't support atomic exchanges,
-                # or a database engine that doesn't support atomic exchanges, we do a non-atomic rename instead.
-                #
-                # Executing multiple renames in one call like `RENAME TABLE a to b, c to a` is supported
-                # but not an atomic operation. Because it is not atomic, doing it in two calls is equivalent
-                # and does not require defining an additional method.
-                throwaway_table_name = self._get_temp_table(old_table_name)
-                self._rename_table(old_table_name, throwaway_table_name)
-                self._rename_table(new_table_name, old_table_name)
-                self.drop_table(throwaway_table_name)
+            if "NOT_IMPLEMENTED" not in str(e):
+                raise
+
+            # If someone is using an old Clickhouse version, an OS that doesn't support atomic exchanges,
+            # or a database engine that doesn't support atomic exchanges, we do a non-atomic rename instead.
+            #
+            # Executing multiple renames in one call like `RENAME TABLE a to b, c to a` is supported
+            # but not an atomic operation. Because it is not atomic, doing it in two calls is equivalent
+            # and does not require defining an additional method.
+            throwaway_table_name = self._get_temp_table(old_table_name)
+            self._rename_table(old_table_name, throwaway_table_name)
+            self._rename_table(new_table_name, old_table_name)
+            self.drop_table(throwaway_table_name)
 
     def _rename_table(
         self,
diff --git a/tests/core/engine_adapter/test_clickhouse.py b/tests/core/engine_adapter/test_clickhouse.py
index a3dfe0fdda..fb316614e1 100644
--- a/tests/core/engine_adapter/test_clickhouse.py
+++ b/tests/core/engine_adapter/test_clickhouse.py
@@ -1428,6 +1428,87 @@ def test_exchange_tables(
     ]
 
 
+def _executed_sql(execute_mock: t.Any) -> t.List[str]:
+    return [
+        quote_identifiers(call.args[0]).sql("clickhouse")
+        if isinstance(call.args[0], exp.Expr)
+        else call.args[0]
+        for call in execute_mock.call_args_list
+    ]
+
+
+def test_exchange_tables_reraises_other_errors(
+    make_mocked_engine_adapter: t.Callable, mocker: MockerFixture, make_temp_table_name: t.Callable
+):
+    from clickhouse_connect.driver.exceptions import DatabaseError  # type: ignore
+
+    adapter = make_mocked_engine_adapter(ClickhouseEngineAdapter)
+
+    temp_table_mock = mocker.patch("sqlmesh.core.engine_adapter.EngineAdapter._get_temp_table")
+    temp_table_mock.return_value = make_temp_table_name("table1", "abcd")
+
+    execute_mock = mocker.patch("sqlmesh.core.engine_adapter.ClickhouseEngineAdapter.execute")
+    execute_mock.side_effect = [
+        DatabaseError("DB::Exception: Not enough privileges. (ACCESS_DENIED)"),
+        None,
+        None,
+        None,
+    ]
+
+    with pytest.raises(DatabaseError, match="ACCESS_DENIED"):
+        adapter._exchange_tables("table1", "table2")
+
+    # No RENAME fallback and no throwaway table drop
+    assert _executed_sql(execute_mock) == ['EXCHANGE TABLES "table1" AND "table2"']
+
+
+def test_insert_overwrite_by_condition_replace_exchange_error_propagates(
+    make_mocked_engine_adapter: t.Callable, mocker: MockerFixture, make_temp_table_name: t.Callable
+):
+    from clickhouse_connect.driver.exceptions import DatabaseError  # type: ignore
+
+    adapter = make_mocked_engine_adapter(ClickhouseEngineAdapter)
+
+    temp_table_mock = mocker.patch("sqlmesh.core.engine_adapter.EngineAdapter._get_temp_table")
+    temp_table_mock.return_value = make_temp_table_name("target", "abcd")
+
+    fetchone_mock = mocker.patch("sqlmesh.core.engine_adapter.ClickhouseEngineAdapter.fetchone")
+    fetchone_mock.return_value = None
+
+    insert_table_name = make_temp_table_name("new_records", "abcd")
+    existing_table_name = make_temp_table_name("existing_records", "abcd")
+
+    source_queries, columns_to_types = adapter._get_source_queries_and_columns_to_types(
+        parse_one(f"SELECT * FROM {insert_table_name}"),
+        {
+            "id": exp.DataType.build("Int8", dialect="clickhouse"),
+            "ds": exp.DataType.build("Date", dialect="clickhouse"),
+        },
+        existing_table_name,
+    )
+
+    def execute_side_effect(sql: t.Any, *args: t.Any, **kwargs: t.Any) -> None:
+        if str(sql).startswith("EXCHANGE TABLES"):
+            raise DatabaseError("DB::Exception: Not enough privileges. (ACCESS_DENIED)")
+
+    execute_mock = mocker.patch("sqlmesh.core.engine_adapter.ClickhouseEngineAdapter.execute")
+    execute_mock.side_effect = execute_side_effect
+
+    with pytest.raises(DatabaseError, match="ACCESS_DENIED"):
+        adapter._insert_overwrite_by_condition(
+            existing_table_name.sql(),
+            source_queries,
+            columns_to_types,
+        )
+
+    executed = _executed_sql(execute_mock)
+    assert executed[-2:] == [
+        'EXCHANGE TABLES "__temp_existing_records_abcd" AND "__temp_target_abcd"',
+        'DROP TABLE IF EXISTS "__temp_target_abcd"',
+    ]
+    assert not any(sql.startswith("RENAME") for sql in executed)
+
+
 def test_virtual_catalog_ddl_stripping(make_mocked_engine_adapter: t.Callable):
     """After inject_virtual_catalog(), create_schema() with the virtual catalog prefix must strip
     the catalog and execute without raising, and with a wrong catalog must raise SQLMeshError."""