Product category:
Building and Site Management
News Release from: LABC
Edited by the Buildingtalk Editorial
Team on 30 April 2008
LABC collaboration with Oval on Latent
Gold
LABC renew agreement with Oval Insurance Broking to continue to offer LABC Latent Gold Commercial Building Defects Guarantee to property owners, developers and investors.
First launched in Spring 2000 Latent Gold is a unique collaboration between Oval, Local Authority Building Control (LABC) and Allianz Global Corporate and Specialty (Allianz) to provide affordable structural defects insurance for commercial properties that will now continue to be offered, following the renewal of this agreement The value of this policy is that Allianz will accept the inspections carried out by LABC as part of their normal building control function on buildings valued up to GBP10 million avoiding the need for the further inspections required by insurers
This article was originally published on Buildingtalk on 11 Nov 2004 at 8.00am (UK)
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Philip Hammond, National Director of Business Development at LABC, says, "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".
"The arrangement with Allianz is a tremendous compliment to LABC's standard of work".
Peter Vanderweele, Divisional Director at Oval, comments: "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 GBP1,500, this represents a cost effective insurance solution for developers, builders, property owners, tenants and funders.".
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