On completion of a new build, defects can sometimes be discovered. These faults are commonly caused by damage due to poor design, inadequate workmanship or faulty materials, and they may not become apparent for a number of years.
Whether you’re a developer, financier, owner or commercial occupier, these defects can range from the irritating to the catastrophic, and their impact on your business and reputation can be severe. It makes good commercial sense to mitigate the risk with latent defects insurance.
There has never been a better time to consider these covers due to factors such as:
- Declining quality of raw materials such as iron pyrites in roof tiles.
- Sustainable materials such as green oak frames/cladding and sedum roofs.
- Innovative materials such as solar panels, ground/air source heating.
- Large numbers of contractors becoming insolvent.
- Mortgage lenders tightening lending criteria.
- Home improvements such as basements, extensions, loft conversions.
- Structural repairs following insurance claims for subsidence, fire, impact, earthquake etc.
If you are having repair works or structural alterations done on your property then insist that the contractor provides you with a minimum of a 10 year insurance backed guarantee for the materials and workmanship. In many cases the lack of a guarantee on any works done in the past 10 years can cause problems for a seller of a property.
We have the proven expertise and in-depth knowledge that enables us to deliver a superior level of latent defects cover that fills the gaps others may leave behind. Latent defects insurance provides a cost effective, high performance alternative to collateral warranties across a diverse range of residential, mixed and commercial new builds.If you would like to find out how we can protect your property assets with a range of bespoke latent defects insurance, simply contact 0121 516 7255 and speak to one of our brokers today.