The most expensive repairs that any company can face on the property they occupy would be those arising out of a Latent Defect in the building. These are basically structural faults, including the  foundations. A fault can arise from a number of circumstances, such as defective workmanship, poor design and incorrect or faulty specification of materials.

The LABC Latent Gold Warranty offers protection against latent defects such as these for a 10 year period in the construction of new or extensively refurbished commercial property.

The insurance policy provides for repairing or reinstating newly built commercial properties for 10 or 12 years after practical completion as a result of a defect in the structure due to defective design, defective wormanship or defective materials.

Taking out this cover can benefit the building developers, owners, their funders, tenants and any other users or occupiers of the building. The policies are also freely assignable to any future owners, funders and tenants.