How Structural Insurance can help. Inherent defects in buildings not only affect the asset value of the property but it can also give rise to significant disruption to a business and its income stream. All stakeholders and members of the construction team stand to lose out in the event that problems in the build emerge later on.
Traditional defects cover was established back in the 1930’s with the aim of addressing poor building practice and indemnifying buyers against any latent defects in new properties. However, today’s reality in UK cities is a far cry from these construction sites on which this traditional warranty model was built. High-rise, mixed-use apartment blocks encompassing all tenure types are being developed at a rate which would have been difficult for the industry to predict.
BLP Insurance’s commercial latent defects insurance is now being used increasingly in new build projects for commercial and mixed use developments. They explain more here in their latest communication.