Not invested in latent defects insurance yet? Here is why you may be missing out.
Firstly, let us start today’s article by giving you a brief outline of what latent defects insurance actually is. It may be one of those kinds of insurance you have heard about but are a little unsure of regarding the finer details. You may also know this type of insurance as Structural Warranty Insurance or your Structural Guarantee. This form of insurance protects you, the property owner first and foremost.
Newly built properties are a curious thing, after all. We’ve all passed a construction site at one time or other on our journey to work, only to pass the site again a month or so later and be surprised at how quickly that office block, or complex has been built. Thanks to modern tools and materials in the construction industry, new builds can be delivered a lot quicker, sometimes even ahead of schedule and under a strict budget. Yet despite technology, material and tools being far more advanced in modern times, there is still the possibility of human error.
Latent defects insurance protects you from any damage caused once the building has been complete, and where the contractors are at fault. An extreme example of this could be moving into a brand new premises and experiencing a roof collapse after only a few months, or maybe it is even something as simple as a mould problem caused by insufficient waterproofing. If the incident is proven to be the fault of the construction team, then your defects insurance will cover you for the damage.
Just like your overall building insurance, the need for latent defect insurance should never be overlooked. Where there is proof of fault in your building, caused in the construction phase, having latent insurance can smooth over the process and help you negotiate a settlement with the other parties involved.
Speak to us here at Watson Laurie today for more information on exactly how you stand to benefit from latent defects insurance.