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Latent Defect Insurance: A Definition

Insurance brokerage remains a confusing field for the average layman or woman. Like other branches of the insurance tree, the many complexities of this process tend to elude all but those with some training in the field, and the average purchaser of an insurance policy. insurance generally has a significant number of questions and doubts to express. Fortunately, reputable commercial insurance brokers will ensure that the process is as transparent as possible for their clients, often going so far as to explain certain specialist terms that are part of commercial ‘jargon’.

One of these terms, which applies specifically to property insurance, is “insurance against latent defects”. Unlike many other terms in the field of insurance, some customers have an idea of ​​what this term means; however, just as many are still uncertain as to its exact meaning, so this article will aim to clarify this issue, as well as explain why latent defect insurance plays an important role in the property insurance brokerage process. .

What is hidden defect insurance?

Latent defects insurance, also often referred to as structural warranty coverage or simply structural warranty, is one of the most important parts of insurance policies on buildings and other types of property. Its purpose is to protect an insured against property damage resulting from faulty workmanship, structural planning, design or building materials.

Unlike other policies offered by commercial insurance brokers, latent defects insurance does not require proof of fault, only proof of defect, an important nuance that could often help simplify and speed up the process of ‘insurance. Likewise, this type of policy does not depend on architects certificates, professional indemnities or collateral guarantees, which allows policyholders to protect their investment more cost effectively. Latent defects insurance may not entirely eliminate the costs if negligence has to be proven against one or more parties, but it nevertheless involves a significantly lower expense for the policyholder than he would otherwise incur.

When does the insurance against hidden defects apply?

Almost all structures are eligible for coverage by latent defects insurance. It is most often used to cover tertiary or residential buildings, but it is not uncommon for a policy of this type to be taken out for a large car park, or other less conventional structure. Of course, eligibility varies from company to company, but most commercial insurance brokers are willing to work with the client to try to arrange coverage for their structure, so it’s always a good idea. idea for a potential policyholder to ask and see if and how this type of coverage could fit their specific situation.

What are the consequences of not taking out hidden defect insurance?

Of course, like any other type of clause or policy, people who buy property insurance are not required to buy latent defects insurance. However, there is a good reason why most commercial insurance brokers recommend that their clients purchase this type of policy, and why some clients even demand it out of hand. Simply put, restoring a faulty property can be a significant investment of time and money for everyone involved. Protecting the structure with insurance against latent defects will, at the very least, give the owner peace of mind, by ensuring that a solution is in place to deal with any structural defects that their property may suffer. As noted above, this font type does not represent a one-size-fits-all solution; however, this at least reassures policyholders and could save them mental, physical and financial stress if structural defects are discovered in their property. This is the main reason why latent defects insurance is important to the structural insurance brokerage process, and why so many commercial insurance brokers advise their clients to purchase it.

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