Latent Defects
The Commercial Risks (UK) Ltd Commercial Latent Defects Insurance has been designed for new builds & conversions of commercial & mixed-use developments, of any size. These include student accommodation, care homes, offices as well as industrial units & retail units.
Features of the Commercial Latent Defects Insurance
- Cover available for loss of rent and alternative accommodation
- Reduced cost and risk in comparison to collateral warranties
- Waiver of subrogation rights possible
- Flexible financial limits can be agreed subject to referral
- Makes re-sale more attractive & is fully transferable to subsequent owners
- Cover can be arranged on completed or part-completed properties
- The policy covers the structure of the building for 10 or 12 years, with defective weatherproofing covered from year 2
The Commercial Risks Latent Defects Insurance is underwritten by an ‘A’ rated global insurer & each case is subject to full technical review by our providers with the aim of minimising any defects right from the design stage.
Technical Services
Technical services are handled by our providers in-house team. They can facilitate building control for you with one of their partnered approved inspectors. Every inspection is audited by them to give you further peace of mind.
Where Building Control has already been arranged elsewhere, technical audits are undertaken by one of our partnered approved inspectors to ensure the project reaches the standard required for the issue of the warranty. Both insurers and our providers understand the value of this service and this is reflected in the premiums that are charged. The sooner that Commercial Risks are involved, the greater the benefit that can be realised.