Defective design?

Collateral warranties are not a sure remedy; sometimes the loss is nobody’s fault, or if proven to be somebody’s fault, they have neither the money nor insurance. Or perhaps that person no longer exists. Get peace of mind for your new commercial buildings through Latent Defects insurance.

What does it do?
Defective design, workmanship or materials can be missed during building construction but prove all too costly later. This policy protects you from such latent defects in commercial buildings which result in structural damage; water ingress, subsidence, landslip or heave; and threat of collapse. Cover typically lasts for up to 12 years, from the date of the Practical Completion Certificate.

Who’s it for?
People like you mainly, ie commercial property developers. Buyers, occupiers and tenants also benefit from this cover especially when a commercial property is built to the specification of a prospective tenant or purchaser.

Why is it so useful?
Many traditional collateral warranties don’t lend themselves to swift resolutions in the event of problems. Our insurers' policy provides first party insurance so you remain firmly in control and don’t have to rely on the promises or guarantees of others – or go to court to seek redress (a course of action with no guarantee of success). It can also be freely passed on at a later date to any party that acquires an insurable interest which helps you sell or re-lease your buildings. Any prospective purchaser, or tenant, can be confident that if defects were discovered later on, they wouldn’t adversely affect the balance sheet. For this reason, buildings covered by Latent Defects cover tend to command higher sale values or rents.

To find out more contact us