Things aren’t what they used to be...now, a latent defects product that does what it says on the tin.

Some very significant new commercial developments are currently being supported by the BLPAsset product. With a wording that’s been road-tested with a number of construction law practices, and pricing that now makes this solution economically sensible, this is a very valuable tool in the armoury of lawyers looking to protect their clients from defects and the associated risks with new build or major refurbishment contracts.

  • Cover can be arranged on behalf of the developer, contractor, owner/landlord, funder or tenant and their future assigns; actually, all of these parties can be covered under a single policy
  • The BLP product uniquely covers the structure, M&E services and components in commercial developments with one insurer, including those projects which have a residential element
  • The policy survives the replacement or insolvency of a contractor
  • Proof of fault is not required; the policy responds to proof of a defect, and does not depend on the stance of related PI insurers
  • An independent technical review is carried out during construction
  • Full value cover is available, far outstripping the contingent recoveries under warranties and PI cover limits.
  • Optional extensions include loss of rental arising from a defect. 

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BLP is an insurance company which, in our experience, takes a “can do” approach to client problems and looks for ways to help with projects that don’t necessarily fit the mould.

Liam Buckley, Partner - Squire, Sanders & Dempsey (UK) LLP

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