Strategic Insurance Services Limited has been working with certain syndicates at Lloyd’s of London and insurance companies underwriting in London to underwrite Latent Defects, After the Event (ATE) insurance, Warranty Insurance and Insurance Backed Guarantees (IBG’s) & Leased Equipment Protection.
Latent Defects insurance is a type of insurance that provides cover for the cost of remedying and rectifying damage arising out of latent or inherent defects, whether in commercial, residential or mixed use developments. Latent defects are normally defined as faults in the design, workmanship, materials, supervision, construction, installation or site preparation that remain undiscovered at the date of practical completion, but come to light by virtue of physical damage at a later date. They are of a type that could not reasonably have been revealed by the insured. Typically, cover is required as mortgagors will not lend on developments unless protected against latent defects for a period of 10 years.
After The Event (ATE) Insurance
ATE insurance is a vital tool in the legal system allowing litigants and claimants to protect themselves against awards of costs in unsuccessful cases. ATE insurers often also cover experts and counsel fees in these circumstances.
Warranty Insurance and Insurance Backed Guarantees (IBGs)
Warranty Insurance and IBGs are effectively sales tools for manufacturers and contractors that support the warranties and guarantees they give their customers, by providing the added re-assurance that, should the manufacturer or contractor not honour their obligations, the insurer will. Covering most types of building work and home improvements as well as white goods, our team provides the experience to design a policy to match your product, even if it is new.
Leased Equipment Protection
This product provides lessors with facilities to insure their leased assets, by charging a premium within the lease payment. Strategic’s Leased Asset protection, has generous commissions for lessors as well as the potential of profit sharing on larger books of business.