Closely related to Decennial Liability Insurance, that was developed on the Continent to address Strict Liabilities and Civil Codes governing Building Regulations, Glennons have detailed knowledge and expertise of Latent Defects Insurance.
In recent years’ the demand for Latent Defects Insurance has grown. Latent Defects are typically excluded on Property Insurance and Funders. Developers and Landlords increasingly recognise the benefits of Latent Defects Insurance as an effective tool for risk management and asset protection.
Arranged for a twelve year period (and on occasion fifteen year periods’) Latent Defects insurance provides protection against defects that occur in the post construction phase of a Building and or Structure.
More than ever Latent Defects Insurance is seen as a more attractive solution than the traditional litigation route to remedy such defects. Litigation can be protracted and costly and often there is no guarantee of success.
Latent Defect Insurance removes the uncertainty surrounding litigation and safeguards against the scenarios where litigation is not considered feasible, or worse yet, where litigation may not be possible should the defendant(s) cease to operate or exist.
Furthermore, with the policy cover containing no cancellation clause and with the policy being freely assignable to future owners, Latent Defects Insurance provides attractive and useful added value for speculative builds, and situations involving negotiations with new Tenants’, or the sale of the asset itself.
- Glennons have developed strong relationships within the Latent Defects Insurance Market.
- Can take you through the process of arranging this cover, which typically, but not always, should commence pre construction.
- Can detail various cover options available and can help you consider and make informed decisions on how best to protect assets and revenue streams.
- Have provided Latent Defects solutions for many complex risks both domestically and internationally.
- Have the experience, expertise and know how that is an absolute must have when dealing with this subject matter.