Ensuring long-term structural integrity in construction with latent defects insurance

28 August 2024

In today's competitive construction landscape, ensuring the long-term structural integrity of completed projects is paramount. For more than eight years, Peritus has acted as a broker for Latent Defects Insurance (10 Year New Home Warranties), empowering businesses by offering quotes across the whole A-Rated market. Our aim is to offer construction clients peace of mind with access to industry-leading Latent Defects Insurance (LDI) solutions. 

 

The Importance of Latent Defects Insurance

Latent Defects Insurance is crucial for protecting property owners against unforeseen structural flaws that may not be apparent at the time of completion but can emerge later. These flaws, which could be due to various factors like design defects, material failures, or construction errors, can lead to costly repairs and legal disputes. LDI coverage typically extends for a period of 10 or 12 years, providing a crucial safety net for property owners and developers.

 

Benefits of Latent Defects Insurance

  • Financial Protection: LDI covers the costs of repairing structural defects, which can be substantial.
  • Legal Security: Reduces the risk of legal disputes by ensuring that there are funds available to address defects.
  • Market Appeal: LDI ensures the property is mortgageable, therefore are more attractive to buyers and investors.
  • Peace of Mind: Knowing that there is a safety net in place allows developers and owners to focus on other aspects of their business.

 

Working with Peritus

Peritus specialises in brokering Latent Defects Insurance, offering:

  • Comprehensive Market Access: We provide quotes from the entire A-Rated market, ensuring competitive pricing and coverage options.
  • Expert Advice: Our team helps you navigate the complexities of LDI, ensuring you get the best coverage for your needs.
  • Tailored Solutions: We understand that every project is unique, and we work to provide insurance solutions that are tailored to your specific requirements.

 

A-Rated Provider Partnerships

We are delighted to share that we are working with a new A-rated provider who offers LDI cover in excess of £150 million. This partnership enhances our ability to provide substantial coverage, ensuring that even large-scale projects are comprehensively protected.

 

Additional Insurance Solutions

Peritus also offers a range of other insurance products to further support your construction projects:

  • Sureties & Bonds: Providing financial guarantees to meet contractual obligations.
  • Developer/Professional Indemnity: Protecting against claims of negligence or breach of duty.
  • Insurance Backed Guarantees: Offering protection and peace of mind for clients and stakeholders.

Ensuring the long-term structural integrity of construction projects is not just about building to code today; it's about safeguarding the future. With Latent Defects Insurance brokered by Peritus, you can ensure that your projects are protected against unforeseen structural flaws, giving you and your clients peace of mind for years to come. 

 

If you are a developer with Private, Social Housing, or Build to Rent projects, please get in touch to learn more about how we can support your needs.