Cover for properties valued at up to £10m
Oval has renewed its agreement with Local Authority Building Control (LABC) for building defects guarantee cover for property owners, developers and investors.
First launched in Spring 2000, Latent Gold is a collaboration between Oval, LABC and Allianz, which provides structural defects insurance for commercial properties that will now continue to be offered, following the renewal of this agreement.
Allianz will accept the inspections carried out by LABC as part of their normal building control function on buildings valued up to £10 million, avoiding the need for the further inspections required by insurers.
Philip Hammond, National Director of Business Development at LABC, said: “Commercial warranties are standard in Europe and other international regions, but in the UK people have tried to continue with the old collateral warranties even though these provide very little security to modern businesses. Increasingly developers and building owners need to find a warranty to ensure that their property is protected and remains marketable.”
Peter Vanderweele, Divisional Director at Oval, added: “This renewal is great news for LABC’s customers. Oval is always searching for market leading products and LABC Latent Gold is a very good example of where we have been able to deliver both on quality and cost. Given the reduced inspection costs associated with LABC Latent Gold and the affordable 10 year premiums starting from as little as £1,500, this represents a cost effective insurance solution for developers, builders, property owners, tenants and funders”
