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Latent Defects insurance is a cover that provides owners of new commercial and industrial properties protection against damage caused by defect in design, workmanship or materials, not discovered before the cover commences.
Historically, Contract Works cover would provide protection in the case of new works during the construction phase and the maintenance period of a new building. After the handover, an owner would have to prove that any damage was the result of negligence on the part of one or more parties to the construction contract. The options open to the property owner would be:
Latent Defects insurance enables a property owner to remedy a defect whilst allowing them to focus on running their business.