Does it have Latent Defect Insurance Protection?
The big Question you should ask before you buy an Apartment!
Confidence to buy an apartment is at an all-time low, with the issues regarding cladding and structural defects causing evacuations with untold misery to the owners and tenants.
How can I protect myself in the event that an unforeseen Structural Defect occurs in 6, 8 years time?? And you would be liable to pay for rectification.
Until recently there was nothing. As the owners of the Opal and Mascot Towers found out.
Now you have a solution!
AOBIS Latent (Structural) Defect Insurance will protect your Apartment for 10 years from the final and it is Transferrable to future owners, if you sell within the 10-year policy period.
It is underwritten by Certain underwriters at Lloyd’s, the world’s oldest Insurance provider.
If you’re buying a new Apartment the builder/developer must buy Latent Defect Insurance prior to commencement of the project.
If a Structural Defect was to occur, the beauty of Latent Defect Insurance is that once the Structural defect is accepted by Lloyd’s, the process to repair the building can commence.
There is no delay over whose fault it was that caused the problem as the developer/builder are jointly insured with you, the owner, costly litigation is avoided, as happens currently with the owner taking legal action against the Builder/Developer, dragging out in the courts for years.
Your policy avoids legal battles!
BONUS: Increased asset protection as the value of your apartment will increase because you have Latent Defect Insurance Protection in place.
So which apartment will you buy? The one with AOBIS Latent (Structural) Defect Insurance in place or one without insurance protection?
Body Corporates/Owner Corporations are now able to purchase AOBIS Latent Defect Insurance for the balance of the 10-year Policy Period!