Building defects ultimately affect asset value so it’s essential that stakeholders manage their risk. At Finch Commercial, we offer a Latent Defects Insurance scheme, which offers a simpler option than collateral warranties.
Latent Defects Insurance Cover
- Defects in Structure and Waterproofing Envelope
- Defects in Mechanical and Electricals
- Premature failure of Components
- Loss of Rent receivable/payable
- Whole project team
Benefits of Latent Defects Insurance
- A first party insurance policy with high cover limits that immediately responds to claims for building inherent defect repairs for up to 12 years
- Can maximise value and minimise the liability for repairs in the lease as the landlord and tenant can both be insureds named in the policy
- Option to significantly reduce the need to legally enforce collateral warranties or make claims against a contractor’s Professional Indemnity insurer by claiming against the building defect insurer
- A “no hassle” response to making repairs as the insurer pays
- Access to a large technical component database to help in assessing component life, maximising durability and minimising repairs Insurance cover designed to suit the specific needs of the developer and the project.
Who Invests in Latent Defects Insurance?
We handle insurance for property portfolios starting at a single unit, right up to large multi-million pound portfolios, helping to protect properties (including through development and build stages) as well as the loss of income from rent (when applicable). These include:
- Funders looking for security for their investment.
- Contractors / Designers that need an easier solution (with less exposure) to collateral warranty and PI claims.
- Professional Advisors, for flexible solutions that enable the protection of all clients at the same time.
- Property Owners and Landlords protecting rental income, asset value and improving the marketability of the property.
- Tenants looking for peace of mind, with less exposure to repair liability within a Repairing Lease.
With Finch Commercial you can rest assured that any risk associated with your property investment is covered, with a comprehensive insurance policy to suit your specific situation.
Get In Touch
If you are looking to find out more about latent defects insurance, why not get in touch with us today and chat through your options?