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Developers & Body Corporate Latent Defects Insurance
Also called structural defects, to protect owner builders, home owners 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.
Whether you are having built an apartment building, multi units, office building . Latent Defects Insurance gives you the comfort of a 10 year policy to protect your investment, gives the financial institution comfort that in the event of a major problem it will be fixed, and owners have the same comfort that they will be protected.
- Easier to obtain finance
- Easier to sell
- Easier claims process – no litigation
“It is important for me as a developer to have the right guarantee that not only gives my funders peace of mind but gives myself and any potential future owners of the property that vital reassurance.” – Antonio C
Body Corporate and Owners Corporation:
The news is full of unit owners having problems leaking balconies, waterproofing, roofing issues etc, all of which required the unit holders to either contribute to the Body Corporate Fund or go it alone with legal litigation against the builder and or developer.
Very expensive time consuming stressful, not what unit owners intentions were when they bought their unit.
Buildsafe Latent Defects Insurance offers unit holders of Body Corporate’s the protection where Structural Defects occur, for 10 years and the policy is transferable to future owners.
Our special report – Why you need Latent Defects Insurance explains the pros and cons of having Latent Defects Insurance in place prior to completion of the development.
Who Will the Policy Protect ?
- Builder when noted as an insured
- Developer when noted as an insured
- The owner, either initial or future owner
- Body Corporate members
What Will We Cover
- Apartment Buildings
- New Home
- Offices buildings
- Multi units, Townhouses , Dual Occupancy
- Mixed use
Is my Builder insured as well?
Yes, you both are included on the policy as the insured and therefore protected in the event of a claim.
So, it is in the builders interest to fully support your efforts to obtain Latent Defect Insurance.
Please complete the Application form.
5 Reasons that make Latent Defect Insurance vital to your success:
- A Comprehensive Latent Defect Insurance policy which delivers security and peace of mind
- Freedom from risk of future failure in performance
- Removes the need for litigation
- Improves the value of the property at point of sale and on re-sale
- Underwritten by certain underwriters at Lloyd’s. Established in 1688
The problem is these or any major structural Defects may happen in 3 – 4 – 8 – 10 years time, are you willing to take the risk ?
Got a Question about Latent Defects Insurance? We’ve got the Answer!
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