BuildSafe Insurance

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Also called structural defects, to protect owner builders, homeowners residential and commercial builders, developers and Body Corporates in the event that an unforeseen structural defect occurs after practical completion of the building.

It is the nature of construction projects that faults and defects caused by failures in design, workmanship or materials, may not become apparent or detectable (even with the exercise of reasonable care) until many years after completion of the project, long after the end of the defects liability period. Latent Defects can be extremely expensive and disruptive to rectify.
Latent Defects Insurance indemnifies the insured for the cost up to the total sum insured of the repairs to the damage caused by the defect and is available for 10 years from the date of practical completion.

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