Our latent defects insurance can cover for the costs incurred by damages or defects initially detected before the completion or sale of a property.
We can cover you for any costs incurred on rebuilding or repairing buildings/properties should any damages or defects found within them.
Latent defect insurance is an essential preventative measure that can save you money in the long-term in paying for building repairs, especially undetected ones.
Latent Defects Insurance (LDI) - (also known as a Structural Warranty) should be taken out to protect the end purchaser against any inherent defects that may occur during the first ten years of a property being newly built or converted/refurbished. Faults can occur and go unnoticed until years after practical completion, these can be extremely expensive to rectify for the Developer, Contractor or Homeowner.
Most policies will cover the structure and weatherproofing as standard but this can be amended to suit individuals requirements and include non-structural elements such as Component Failure, Mechanical and Electrical Services, Loss of Rent, Loss of Profit and more.
It is now a requirement from the Council of Mortgage Lenders for all new build residential properties to be in possession of LDI, this has recently extended to other properties such as Conversion Projects and Commercial Units
We are seeing an increase in demand from buyers and their solicitors to ensure the right cover is pro.
We can assist in obtaining cover for the following risks:
Each risk can have a multitude of defects that manifest within the structure after practical completion, all coming with their own complications. Insurers will require a wide range of information that can vary from one enquiry to another, for example, if you are looking for Latent Defects on a Conversion, insurers would expect to see a Structural Condition Report for transparency – this will also provide assurances that the original structure is of sound construction in its current state to enable the new works to be safe and solid for another 10 years +.
The Construction Industry has always been and will always be a thriving, integral part of any community. This often includes huge numbers of people involved along with a large amount of money being invested – for just these reasons this opens up an element of risk. EXRM want to limit any potential exposure for those involved, so with that in mind we can also offer the following products and services:
For more information, talk to our team of Experts
We can assist in obtaining cover for the following risks:
Each risk can have a multitude of defects that manifest within the structure after practical completion, all coming with their own complications. Insurers will require a wide range of information that can vary from one enquiry to another, for example, if you are looking for Latent Defects on a Conversion, insurers would expect to see a Structural Condition Report for transparency – this will also provide assurances that the original structure is of sound construction in its current state to enable the new works to be safe and solid for another 10 years +.
