Builders Commercial Structural Defects Insurance>>>
Latent Defects Insurance
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.
What’s included in the Policy:
- Covers the Builder, you are jointly insured with the owner – No liability
- Negligence and fault do not have to be proved ensuring problems are rectified promptly
- Avoidance of litigation and legal costs reducing time delays, hassles and loss of income
- Increases the value of the property to those properties without Latent Defects Insurance plus financiers will be more amenable to finance a property with Latent Defects Insurance
- No personal guarantees or deeds
- Removes provision for rectification work from balance sheet
- Ideal, if you are planning to retire – 10-year cover
- Simple Application form
Why Choose BuildSafe?
We’ll help and get our hands dirty.
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