Inherent Defects Insurance | Decennial Insurance
Building owner? Secure your investment with more than just a lock & key.
Commercial property investment can represent considerable capital commitment. Consequently, it can also be one of the riskiest forms of investment. Poor quality workmanship, quality and design aren’t always apparent immediately. Once structural defects are discovered, proving who is responsible can be difficult. Court procedures tend to be long and slow-moving which delays repair. This can have a big impact on business operations and too often the building owner ends up paying – especially if the contractor has become insolvent.
Inherent Defects Insurance (also known as Decennial, Building Defects or Latent Defects Insurance) reduces risk for building owners, making it a much more secure investment. Once a defect has been found you can claim right away without having to deal with the contractor or prove negligence. This means restoration work can begin, and you can get back to business sooner.
For more information on arranging Inherent Defects Insurance, ask to speak to our Corporate Broking Team.