Any structural defect in the construction of the building caused by :

• Faulty Design
• Faulty Construction
• Faulty Materials

Why do you need this protection ?

• Sales feature when you sell or rent
• Policy will pay for expensive rectification work
• Building is more attractive to lenders
• Speed of rectification

What are the benefits of having the cover?

• Speed of rectification - There is no need to prove fault or liability on the part of a third party before a claim can be submitted to the insurer
• Legal costs - Complex, costly and time consuming litigation does not have to take place before the necessary repair work can be put in hand
• Security - This cover is underwritten by Allianz Global Risks Corporate and Specialty, part of one of Europe's largest insurers whose financial strength was recenetly confirmed as AA (very strong) by Standard and Poor's insurance rating service
• Funders - The security provided by LABC Latent Gold can encourage the backing and investment of potential investors in the development
• Enhanced sales and letting - Potential owners and tenants are becoming increasingly reluctant to assume risks associated with building defects, so they are attracted to buildings where the risk has already been transferred to an insurer
• Simplified claims - Reduces the reliance and negotiations involved in obtaining collateral and warranties
• Reduced admin - Reduces the need to ensure that relevant parties have Professional Indemnity Insurance in force
• Peace of mind - Cover is provided regardless of the continued solvency of any main or sub contractors
• Inflation cushion - Sums insured increased by 5% per annum

The only inspection service required is the normal Building Control inspections by the Local Authority Building Control Service.