LATENT DEFECTS INSURANCE TOWERGATE INSURANCE BROKERS

ABOUT TOWERGATE INSURANCE BROKERS

Thank you for allowing us the opportunity to introduce ourselves. We believe any business relationship should revolve around confidence and trust. Our client centric ethos and ability, enables us to become a long-term Trusted Advisor of choice.

Launched in 1997, Towergate has grown into one of the UK’s largest independent insurance brokers.

We deliver an end-to-end proposition; pre-loss risk management, risk transfer and post loss recovery.

Our proposition contains five principle pillars of strength: -

1. Local Presence, Nationwide Scale - We’re local people, embedded in the community, providing a personal service, backed by the strength of a large independent broker

2. Risk Management - Working with you to minimise risk, preventing incidents from happening

3. Post Loss Recovery - Helping you recover, following a loss

4. Technical Advice - We’re risk experts, providing specialist and professional advice

5. Insurance & Employee Benefits - A comprehensive portfolio of risk transfer solutions with bespoke programme design

INTRODUCTION TO LATENT DEFECTS INSURANCE

Latent Defects Insurance is a form of insurance taken out in respect of new build Commercial and Residential premises. Also known as New Home Warranties, Latent Defects Insurance is required by the Council of Mortgage Lenders for all new build residential open market sales. It is a form of insurance taken out to cover defects which manifest within the structure after practical completion.

There are often faults and defects caused by failures in design, workmanship or materials throughout the construction process and may not be detected for many years after the completion date. These defects can be extremely expensive to rectify and the LDI offers protection to homeowners.

Cover will be provided for 10 years from the issue of the building control completion certificate (12 year polices are available if requested).

A standard policy will cover the structure and weatherproofing but this can be extended to include non-structural elements such as:

� Component Failure (internal fittings) � Mechanical and electrical services (lifts, heating,

ventilation, air conditioning systems etc) � Business interruption (loss of rent, loss of profit or

revenue, relocation expenses)

Types of Risks

We can accommodate the following types of risks:

� Commercial & Residential buildings � New Builds � Conversions � Refurbishments � Extensions � Renovations � Barn Conversions � Grade 1, 2 Listed Buildings � Permitted Developments � Private Rental Sector � Social Housing � Hotels � Student Accommodation � Retrospective

ACCESS TO THE CURRENT UK PROVIDERS

There are a number of companies who can offer Latent Defects Insurance. We can obtain quotations from the following:

BLP Insurance

Premier Guarantee

LABC Warranty

Checkmate

Build-Zone

AVIVA (Commercial only)

Protek

Q Assure Build

Advantage

Build Assure (Federation of Master Builders)

ICW

Ark Insurance

CRL

If there is any provider you would like quotes from that is not on the list, please let us know.

Each scheme is different and we will advise you on which policy suits your project best.

Council of Mortgage Lenders (CML)

The CML is the main trade body representing the UK’s mortgage lenders. The UK Finance Mortgage Lenders’ Handbook provides comprehensive instructions for conveyancers acting on behalf of lenders in residential conveyancing transactions.

For more information, visit the website or ask us if you have any questions

https://www.cml.org.uk/lenders-handbook/

WORKING WITH TOWERGATEWe are a one stop shop for all your Latent Defect Insurance and site requirements.

Key features include:

Simplified process

Simply complete an electronic proposal form which we will provide you with, and supply us with a copy of the plans and elevations. We will then review the information and approach the relevant insurers that can accommodate your project requirements.

Accommodating payment terms

We can offer flexible payment options to suit your needs.

Market knowledge

Our specialists have the most up to date information on any market changes as they receive updates first hand from each provider.

A personal approach

A dedicated specialist will be on hand to review each project from start to finish. We help to manage the technical relationship between your site manager and the provider’s technical team. In addition, we will be the initial point of contact in the event of a claim throughout the duration of the policy.

OTHER PRODUCTS

We can offer you a simplified package, as we can collate a Towergate portfolio of insurance.

A typical contractors’ insurance package will consist of the following insurances: -

� Contractors All Risks (CAR) – insurance protects against physical damage to works and site materials that the company was contracted to undertake. This is the most common insurance policy for contractors/developers

� Public Liability – injury to 3rd parties (non- employees) or their property

� Employers Liability – Coverage to protect against liabilities to employees for injury or illness. This is a mandatory cover if directly employing staff or labour only sub-contractors

� Professional Indemnity – Protects against loss or damages from professional negligence or negligent advice (design is a common one)

� Right for Light

� Surety

� Bonds & Guarantees

For more information, please contact:

Leanne Benson Tel: 01903 761 555 Mobile: 07843 929258 leanne.benson@towergate.co.uk

Towergate Insurance Brokers is a trading name of Towergate Underwriting Group Limited. Registered in England No.4043759. Registered Address: 1 Minster Court, Mincing Lane, London EC3R 7AA. Authorised and regulated by the Financial Conduct Authority.