Latent Defects >>>
Professional Services Latent Defects Insurance
Architects Draftsmen, Building Designers, Building Surveyors, Building Inspectors, Real Estate agents, solicitors, banks, financial institutions.
As important influencers of the building industry who are working closely with their clients to provide the best outcome for them and their development. Latent Defects Insurance should be a priority to ensure success of the venture.
What is Latent Defects Insurance?
Insurance to protect against Structural Defects that arise after completion for up to 10 years.
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 Indemnity Limit for the repairs to damage caused or for repairs to prevent imminent damage by the structural defect and is available for 10 years from the date of completion.
Who would be covered:
- Residential Builders
- Commercial Builders
What Will We Cover:
- Apartment Buildings
- New Home
- Offices buildings
- Multi units, Townhouses , Dual Occupancy
Who are the winners of a Structural Defects Insurance Policy:
- First resort policy where the owner does not have to take legal action as the policy activates in favour of the insured
- 10 year policy transferable to a new owner
- Repairs can proceed quickly without legal action. Occupant is put at less inconvenience
- Lloyd's of London is the Insurer
- Increases the sales value of the building
- Increases the opportunity to acquire a better financial out come when seeking construction finance
- Less risk for occupier as in the event of a legitimate defect the first resort policy will activate
- There is no need to prove negligence
Why you need Latent Defect Insurance:
You do not have Latent Defects Insurance
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 ?
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