PRESS RELEASE: New Product gives Confidence to Apartment Buyers
Media Release
Australian first Industry changing Product that Protects Apartment Buyers from future Structural Defects!
November 2019 Immediate release: Building Insurance specialists Buildsafe Insurance Brokers announces the launch of Latent Defect Insurance, a 10-year Insurance policy to protect apartment buyers and owners if a Structural Defect occurs in the 10-year policy period and it is transferrable to future purchasers.
Latent Defects Insurance addresses the crucial problem for home owners that experience structural complications with their home. On a weekly basis, there have been apartment buildings with Structural Defects occurring, evacuations and potential multi million cost rectification works in the future.
There has not been an insurance policy available to protect Apartment owners, if a future Structural Defect occurs…until now!
BuildSafe Insurance Brokers is partnering with Lloyd’s underwriters to deliver this unique product to the market. BuildSafe Latent Defect Insurance policy will respond to defects, not whose fault or negligence caused the defect ensuring quick repair of the defect minimising loss of use of the building.
By removing legal costs in proving who is at fault and pursuit of those responsible the owner/developers litigious legal trail is unnecessary with the resultant cost and time savings if a structural defect occurs.
Philip Graf, Managing Director of BuildSafe, commented “This is a game changer for the building industry with the recent high-profile structural defect events. The beauty of the product is that it is a 10-year policy which commenced at practical completion, non-cancellable and transferrable, Underwritten by Lloyd’s.”
This new product provides peace of mind for the owner or tenant and takes the headache and stress out of fixing faults and complications with their home and to not have to be in the middle of a costly legal dispute. Mr Graf added “This is just the confidence in the building industry that financiers and purchasers need. Now they have an insurance policy in place to protect them in the event of structural defects with no loss of asset value.”
Buildsafe Latent Defects Insurance policy is available now for homeowners, tenants, builders and developers Australia wide, and is the only Insurance product of it’s kind in Australia.
About Buildsafe Insurance Brokers
Buildsafe’s target market is the Australian Building Industry Residential and Commercial Builders and Owner Builders, offering a number of products, Builder and Owner Builder Warranty, Construction and Public Liability, Professional Indemnity, trades. Voluntary Workers and recently Latent Defect Insurance.
For more information www.buildsafe.com.au
Philip Graf
Buildsafe Insurance Brokers
1300 763 016
[email protected]
