We have provided the following specialist covers for a number of years and our clients include Property Owners, Property Developers, Housing Associations, Builders, Banks and Solicitors throughout the UK.
This planning indemnity offers protection against the financial consequences should a challenge to a judicial review be upheld and may be sought by Contractors, Property Owners, Property Developers or Funders.
All planning permissions are subject to a short period whereby third parties can challenge the validity of the planning permission which may cause a delay in progressing a development.
Cover can be provided in respect of loss resulting from a challenge to planning permission including:
- Increased Cost as a Result of Delay
- Contractual Liabilities Including Penalties
- Abortive Costs of Works
- Loss of Market Value
- Additional Interest Payments and Loan Penalties
Environmental Impairment Insurance
This cover is available for vendors and/or purchasers and increasingly sought by funders of property and land deals. The cover is triggered by a third party notification of loss or damage and the three key areas of cover are:
- Own Remediation Costs
- Third Party Remediation Costs, Damage and Compensation
- Business Interruption
There is a very limited market for this class of insurance and we have access to all of the insurers involved. Confirmed quotations can be obtained based on a check list of information but application forms are normally required in order to bind cover.
Quality presentations are vitally important to secure the best terms available and we work very closely with our connections to ensure a comprehensive presentation to the market.
Policies are available as annually renewable contracts or for fixed periods up to 10 years and may be extended upon expiry and cover is available for known and unknown defects and previously affected sites.
Latent Defects Insurance
This class of insurance is also known as Buildings Defects insurance, Latent Defects insurance or Decennial insurance as policies are issued for a 10 year term.
The cover gives added security to the funder and assists the developer in selling leasing or renting a building and in the event of a sale the cover is assignable.
An application for cover should be made at the earliest opportunity as the underwriters liaise very closely with the contractors and developers on all aspects of the work from the design stage onwards. Detailed information and site surveys are essential.
Cover is also available for contracts which have already commenced and in some cases for completed projects and as the insurers will have had little or no input into the selection of materials, design and methods of construction, this will be reflected in the premium and policy retention terms.
Warranty & Indemnity Insurance
This type of policy responds to cover financial losses arising from breaches of the warranties and some tax indemnities and helps facilitate a variety of corporate transactions especially mergers and acquisitions.
The cover is available to the buyer or seller. A buyer policy indemnifies the buyer for losses caused by breaches of warranties and tax indemnities given by the seller in the Sale and Purchase Agreement. It enables the buyer to claim directly from the insurers without the need to pursue the seller.
We have experience of negotiating block policy facilities for lenders, investors and developers in the areas of Search Indemnity (No Search, Search Validation, Search Delay), Chancel Repair and Environmental Risks, Defective Title Splinter Policies. We shall be pleased to assess any proposition and we would normally act in sourcing, recommending and setting up a suitable facility to be administered by the client
Performance Bonds/Contract Guarantee Bonds
Cover for the direct loss or damage suffered by the employer or lender as a result of breach of contract by the contractor or principal.