Latent Defects Insurance is the answer

“What insurance can you provide to protect me from future Structural Defects”? We have been asked this question many times over the past 30 years by Owner Builders Up till now – We could not help.

Yes, as an Owner Builder you were totally reliant on the materials suppled being fit for purpose and the tradies doing a good job.

And if something happened:

· Slab crack or Slab heave

· Trusses buckling

· Framing failure

It was up to you to either chase the tradie/supplier with all the resultant hassles and ‘finger pointing’ “Not my fault” or you pay!

Latent Defect Insurance is the answer.

Latent Defect Insurance provides 10 year insurance cover for unforeseen future Structural Defect’s to rectify work to a home, renovation or extension as a result of defective design, materials or workmanship that occur during construction but are not discovered until after completion.

Major benefits of the insurance are:

· As the insured, you, the Owner Builder can claim in the event of a Structural Defect occurring, while living in your home and not have to pay for the rectification.

· The policy is assignable (Transferrable) Therefore future owners will be more attracted to a building with Latent Defect Insurance as opposed to one without!

· There is no requirement on the policyholder to establish fault, negligence, or liability of the party(ies) to the construction contract.

· Costly burdensome and time-consuming litigation does not need to take place before repairs can be carried out which enables the building to be returned to use speedily.

· Provides insurance protection to repair/replace damage property even if contractors or professional service providers are no longer in business.

· Insurer is Lloyd’s who is the worlds specialist niche insurer who has been around since 1688. This product has been in the U.K for many years.

To find out more about Latent Defects Insurance, go to Buildsafe website now

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