Latent Defects Insurance
Why insure?
Property owners and construction professionals will know that building defects can become evident long after practical completion. The “sick building syndrome” caused by latent defects can result in unbudgeted expenditure, jeopardising the availability of funding for future projects, and in undue demands on management time in rectifying the problems.
QANW’s Latent Defects Insurance takes a quality driven approach to protect the investment in the construction project. It seeks to eliminate or minimise the potential for defects to occur by carrying out technical audits during construction. Quality controls involve the auditing of designs, systems, materials and contractors supported by work-in-progress inspection regimes.
What can be insured?
Latent Defects Insurance protection can be arranged for the construction of new commercial and industrial buildings, refurbishments and certain elements such as cladding (including external insulation) curtain walling, glazing, rendering, asphalting, roofing and car park decking, in isolation or in combination. It can also be considered for extensions and conversions.
The emphasis on quality is supported by long-term insurance security that maintains its value over time. 10, 15 and 20 year single premium index linked policies are available for most projects. The minimum contract value is £25,000. Insurance Backed Guarantees are available for contracts below this threshold, subject to status.
What is a Latent Defect?
A Latent Defect is one which remains undiscovered at the date of practical completion but manifests itself during the period of insurance by way of actual physical damage. Latent Defects Insurance is a form of insurance that meets the cost of rectifying defects in materials or workmanship and errors or omissions in design or specification which are not apparent when the job is finished but which come to light later.
For more information please contact our Latent Defect Team:
Seth Jee |
or |
Barbara Wilson |
Tel: 01273 831666 |
Tel: 01292 292084 |
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email: |
email: |
You can also download a Latent Defects application or brochure in our downloads section.
