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Insurance for Building Warranty (Latent Defects).
A building warranty (or latent defects) insurance policy is designed to protect owners of newly built, converted or refurbished buildings from structural or defects or damage caused by defective design, workmanship or materials. Some policies also cover defects in integrated plant and machinery, such as air conditioning systems.
The policies typically last 10 years but may be extended to 12 years.
Loss of rent, alternative accommodation costs, and mechanical and electrical damage can also be insured.
The key benefit of a building warranty policy is that it creates a simple framework whereby the insured can recover the costs of repairing, replacing and or strengthening a building following the discovery of an inherent defect that has caused damage or threatens to cause a collapse of the structure.