The British Insurance Brokers’ Association (BIBA) has launched a new latent defects (structural warranties) scheme to aid property development and house building.
Provided by GBW, a leading, specialist, independent broker for this type of business, the new scheme offers specialist building warranty cover tailored for the property development and construction industry.
Latent defects insurance (LDI/building warranties) policies run for 10 or 12 years and provide cover in the event of an inherent defect in the design, workmanship, or materials becoming apparent in the structure or waterproofing envelope of a building resulting in physical loss or damage to the building.
BIBA members can access GBW’s BIBA page or refer their customers to the specialist depending on their agreement.
Mike Hallam, BIBA Head of Technical Services, said: “This is a highly specialist cover, and with the rise of building developments, large and small, I’m sure this scheme will prove to be a valuable asset for members to help both commercial and private customers. We’re really pleased to launch this new scheme, which further expands the variety of cover and services members can access by using our schemes and facilities.”
This is a complex type of insurance, so the scheme also offers BIBA members access to a priority technical review of the risk as well as technical advice from a RICS Chartered Surveyor.
Edward Bidwell, Managing Director of GBW added: “As long-standing members of BIBA we are delighted to be launching, as a scheme provider, this new scheme for latent defects insurance.
“Our team’s expert knowledge in this specialist insurance sector will enable priority access for BIBA members to our panel and will simplify the process of getting this important cover for their customers.”
BIBA members can access quotes via dedicated page on the GBW website.