The British Insurance Brokers’ Association (BIBA) has launched a new latent defects scheme offering specialist building warranty coverage for the property development and construction industry.
Latent defects insurance (LDI) policies safeguard against any inherent defects in design, workmanship, or materials that might become apparent in a building’s structure or waterproofing envelope, leading to physical loss or damage.
The new scheme is provided by GBW, an independent broker specializing in the field. BIBA members can visit a dedicated BIBA page on GBW’s website or refer their clients to the specialist broker.
Due to the complexity of this type of insurance, BIBA is also offering its members access to a priority technical review of the risk, along with technical advice from a RICS Chartered Surveyor.
“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,” said Mike Hallam, BIBA head of technical services. “We’re pleased to launch this new scheme, which further expands the variety of cover and services members can access by using our schemes and facilities.”
“As long-standing members of BIBA, we are delighted to be launching, as a scheme provider, this new scheme for latent defects insurance,” said GBW managing director Edward Bidwell. “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’s latent defect scheme was launched after the organization introduced a new member facility called Smart Broker.