Biba launches latent defects scheme
The British Insurance Brokers’ Association has teamed up with specialist broker GBW to launch a latent defects scheme, consisting of building warranty cover tailored for the property development and construction industry.
Latent defects insurance 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 acknowledged it is a complex type of insurance and flagged the scheme also offers members access to a priority technical review of the risk as well as technical advice from a RICS chartered surveyor.
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