So what are the consequences for not having Latent Defects Insurance? Well it’s simple, if you’re re-instating a property that has suffered a defect, it could end up being a claim process which is being dragged out longer than it should.
Proving negligence isn’t as simple as it sounds and although you have the evidence to win the claim, it can still become an overly drawn out process which is unnecessary. Why? Because you have to prove negligence for those parties involved in the construction contract and negotiate a settlement. This can end up being costly, which is another unwanted factor and consequence for not having Latent Defects Insurance.
As the building owner, you will also face the following consequences for not having Latent Defects Insurance:
- The parties involved in the construction could be out of business and no longer trading
- The third parties limit of protection may not be sufficient
- The time-frame it would take to settle a claim
- Proving negligence and the parties accepting liability
The one way to successfully get around that is by having Latent Defects Insurance. It will cut out the middle man and take your claim straight to the finish line without having to put a negligence case study together. It makes it all simpler and more stress-free, plus it’s more cost-effective.
If you are a new property owner, contact Watson Laurie today for more information about Latent Defects Insurance and the importance of having.