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What is Latent Defects Insurance?

Latent Defects Insurance, also known as a structural warranty, covers the cost of repairing any defects that may occur during the build phase. The warranty typically lasts 10 years from when the Building Regulation Completion Certificate is issued. It is usually purchased by the developer or contractor and then assigned to the new homeowner upon completion of the project.

Why do you need a structural warranty?

Most mortgage lenders require a structural warranty to be in place before lending money to purchase a property (that is less than 10 years old) or to refinance an existing loan. You also have the peace of mind knowing that should anything go wrong you have a policy in place to rectify and repair any structural defects.

How long does it take to obtain a structural warranty?

Please see below our 7 step guide to obtaining a structural warranty:

  1. We obtain quotations for you from our panel of warranty providers
  2. You select your warranty provider and complete their proposal form
  3. Payment of survey fees and premium before building works start
  4. Structural Survey and then Technical Audits during the build phase.
  5. Confirmation of warranty terms and any remedial works
  6. Practical Completion and
  7. Policy starts

What is actually covered?

Basic policies only cover the load bearing structure and building envelope. A typical policy covers structural damage, waterproofing and defective design. This can be extended to include mechanical and electrical services such as heating, ventilating, lifts and water systems.

Why use Stanhope Cooper?

Finding and negotiating the right latent defects insurance is time-consuming and complicated. We approach a panel of warranty providers to make sure you receive the most competitive premiums and wide ranging insurance cover. We have great technical knowledge of structural warranties and the cover they provide. We make sure you choose the warranty which is most suitable for your building project.