There are many reasons why this cover should be taken out:
- 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, part of one of Europe’s largest insurers, whose financial strength was recently confirmed as AA (very strong) by Standard and Poor’s insurer rating service.
- Funders The security provided by LABC Latent Gold can encourage the backing and investment of potential investors in the development.
- Enhances 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 this risk has already been transferred to an insurer.
- Simplifies claims Reduces the reliance on and negotiations involved in obtaining collateral warranties.
- Reduces 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.
All regulated insurance activity is conducted by Oval Insurance Broking Limited
Oval Insurance Broking Limited is authorised and regulated by the Financial Services Authority.
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© The Oval group 2008
