6, 10 or 12 year policy, running from the date of the first legal completion, or in Scotland the date of entry on the premises.
The cover meets the cost of ‘putting right’ the Premises in the event of a Defect occurring in the Structural Parts. It is designed to protect property asset value from building defect liability.
A Defect is one that may change or destroy the property whilst it is insured, and has to manifest during the cover period.
The Structural Parts includes the parts of the Premises which are essential to the structural stability and waterproofing, such as walls, foundations, windows and roof.
In the event of a structural claim, additional areas of cover include:
The costs of demolition to allow rebuilding
Design and other fees in connection with putting right the building
Additional costs that may arise from the need to change design or construction to comply with new regulations, or with changes to regulations since the property was originally built
Costs of removing, storing and re-installing the contents of the property
Cost of providing alternative accommodation during the (re-)construction or repair
Limits and excesses:
High limits and variable excess options are available, to enable bespoke solution fitting with the clients risk management portfolio
The Sum Insured will be the re-build costs of the property, expressed as a monetary value in the schedule to the property
The limit for the additional areas of cover is 10% of the Sum Insured, up to a maximum of £250,000
An optional Waiver of Subrogation is available, promoting collaborative working as all the design and construction parties can be covered under one policy thereby significantly reducing the exposure to Professional indemnity claims.
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