Latent Defect Insurance & Structural Warranties

Latent Defect Insurance is designed to indemnify the Policyholder against claims discovered in the insurance period. Policies are designed to cover the cost of complete or partial rebuilding or rectifying work to the property which has been affected by Major Damage attributable to Defect in the Design, Workmanship or Materials

Traditionally these products provide cover for 10 or 12 years after practical completion (PC).  TVP has access to lifetime warranties.

In today’s world, confidence is of paramount importance.  In recent years there has been a significant increase purchasers and tenants wanting to see evidence of a Structural Warranty or Latent Defects policy before purchase or entering into an agreement.

Here at TVP we have access to all the main providers, ensuring we have a suitable solutions to meet your needs.  We can source Residential Structural Warranties which are approved by the Council of Mortgage Lenders and Commercial Structural Warranties.  We also have solutions for the Self-build market and can assist clients in need of retrospective warranties.

• What is Latent Defect Insurance?
• Latent Defect Insurance is sometimes called Structural Warranty Insurance or Structural Guarantee.  Latent Defect Insurance is designed to indemnify the Policyholder against claims discovered in the insurance period. Policies are designed to cover the cost of complete or partial rebuilding or rectifying work to the property which has been affected by Major Damage attributable to Defect in the Design, Workmanship or Materials.

• Why should I consider Latent Defect Insurance?
• In short, to protect your investment.  This product does not rely on Architect’s Certificates, Collateral Warranties and Professional Indemnity and it doesn’t require proof of fault, just proof of a defect.
• Without suitable cover, re-instating a property which has suffered a defect could be a long drawn out and slow process. Having to prove negligence to one or more parties involved in the construction contract and then negotiate settlement could prove costly, but not as costly as suing should they deny liability.

• What Types of Development can be covered?
• Residential and almost any commercial property. We have even arranged cover of a Multi Storey car park!

• What are the consequences of not having Latent Defect Insurance?
• Re-instating a property which has suffered a defect could be a long drawn out process and recovering losses a costly process.  Latent Defect Insurance provides you and your customers with the knowledge that if something does go wrong there’s a robust solution to keep them running when they need it most. 

• So what is the cost of Latent Defect Insurance?
• It’s not as expensive as most people think, especially if the costs associated with proving/defending negligence, management time dealing with a claim are factored into any decision.