BLP now offers latent defects insurance in the Republic of Ireland
- Date: 11/04/2017
BLP Insurance has worked with Marsh Ireland to offer the MARSH BUILDPROTECT latent defects insurance (LDI) product for the residential and mixed use development construction sector in the Republic of Ireland.
The ten year policy will cover the cost of putting right insured properties in the event of structural defects arising after completion and is also underpinned by an independent technical appraisal aimed at minimising defects from the design stage. The insurance, available on residential and mixed-tenure developments, is underwritten by SCOR Company UK, the UK branch of SCOR SE – an AA- rated global insurer with extensive expertise of LDI across Europe.
Following the recent uplift in construction projects in Ireland, LDI is an important solution in protecting all stakeholders, including consumers, developers and lenders against the quality issues experienced in the wake of the last housing boom.
Kim Vernau, CEO, BLP Insurance, says: “LDI is essential to help build confidence in the Irish construction sector and safeguard homeowners and construction companies against time and cost intensive litigation in the event that something goes wrong. We are excited to be working with Marsh Ireland to address this need for greater use of LDI products in Ireland.
“Unlike the UK, LDI is not a current requirement for residential new builds in Ireland. We would like to see the Government working together with the insurance industry to communicate the value of LDI to residential construction companies, so that lessons are learned from the past and necessary steps taken to protect all stakeholders into the future.”
For more information please visit www.ireland.blpinsurance.com