Latent Defect Insurance
Latent Defect insurance for Commercial and mixed use property developments.
Latent defect insurance provides cover for damage as a result of defective design, workmanship or materials, not discovered before the cover commences and after practical completion.
The policy period can be issued for up to 12 years, and coverage can also be extended to include; Loss of Rent, Cost of Alternative Accommodation and Mechanical & Electrical damage.
It provides cover for the owner of a new building, should their investment suffer from damage caused by a defect in design, workmanship or materials they have in place a first party insurance to remedy that defect.
The cover can be instigated by the developer, contractor, owner / funder, landlord or tenant and may be assigned to any future owners, funders or tenants;