Benefits to the Builders and Designers
- A waiver of the insurer's rights to subrogate against the contractors and/or designers can be purchased.
- Utilising LABC Latent Gold cover can reduce the reliance on the designers Professional Indemnity policy.
- Taking out LABC Latent Gold cover can also reduce the negotiations involved in arranging collateral warranties - thereby reducing administration and associated costs.
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- Having LABC Latent Gold cover can maintain harmony between the parties as it can avoid the need to establish who was to blame for the damage caused.
- Most designer's Professional Indemnity policy's will only provide insurance cover for a limited number of assignments (ownership changes), usually two. There is no restriction to the number of assignments under a LABC Latent Gold policy.
- The sum insured under a LABC Latent Gold policy is index linked by 5% annually. This reduces the need for the Limit of Indemnity under the designers Professional Indemnity policy to be increased year on year, to cater for the increasing values of properties designed in the past.
