Let’s face it: complexity is a key characteristic of practically any construction project. Things can – and will – go wrong, especially if you give them the opportunity. Several problems can happen while developing a property and construction projects are stressful enough without the thread of unforeseen troubles.
If you are a constructor or a property developer, you’ll surely have heard of Structural Defects Insurance (also called Latent Defects Insurance or Structural Warranty) and therefore know that it’s an item of your ‘to-do’ list that you absolutely shouldn’t forget.
This type of coverage is commonly perceived as a support that (hopefully) will never be called upon. Truth be told, Structural Defects Insurances matter a lot – even if you never need to use them to cover a claim for poor design, workmanship, materials or installation.
Here are four proven reasons why you should always remember to contract Latent Defects Insurance for your new build projects: