Why your Builder needs to offer Latent Defects Insurance!
Has Your Builder Offered Latent Defects Insurance to protect you if a structural defect occurs in the next 10 years?
Building or renovating or extending your home is a big investment, but what protection do you have if a structural defect occurs?
· Waterproofing failure, causing floor and timber rot and warping
· Roof not adequately framed and sags under its own weight.
· Plumbing leak causing rotted joists and sub-flooring
· Leaking roof causing damage to walls and rafters that support the roof
The benefits of having Latent Defects Insurance in place are that there is a 10 year non-cancellable policy, it is transferrable to future purchasers. Financiers now have the comfort of having extra security on their loan in the event of a Structural Defect occurring, plus increasing your assets value, and we have all heard of the hassles, cost and lives disrupted when legal action is taken to have defects rectified.
NOT SO with Buildsafe Latent Defect Insurance, once the Structural Defect is identified and accepted by the insurer, they fix the defect and it is up to them to decide whether to take legal action against those responsible.
The Owner and Builder as the insured are not involved.
Lloyds of London is our insurer, the world’s oldest speciality insurer.
Builders Warranty only activates if the builder dies, disappears or is insolvent otherwise you have to contact the builder or take legal action.
Very difficult, when it can be so easy with Latent Defects Insurance and you are protected for 10 years. Cover is available when your builder has registered with us. The process is simple and straight forward requiring completion of a short application form. The beauty of Latent Defects Insurance, it is quick and easy to make a claim as there is no need to prove negligence by the builder or fault of a tradesman. You just need to prove that there is a structural defect.
So, with no need to prove negligence you save time and money and costly legals while having your home repaired.
You or the builder can take out the policy.