Retrospective Cover

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Retrospective cover is coverage for a home that is already completed or partially completed. There are occasions when a home is not covered and was not covered during the construction process or after the home has been constructed. The homes that are usually without coverage in place it is usually by a cash-funded self-builder who did not have to get a mortgage or financial funding needed to build the property in the first place. Despite the home being built it will need to be covered.

Why Retrospective Cover is needed?

If you’re a developer that is entering into administration then it is vital that you place retrospective cover on your home in order for it to be accepted by banks. Any property that has not been issued a formal completion certificate and that does not have a valid structural insurance policy have a very small chance of getting a mortgage for their properties by banks and other building societies.

A retrospective coverage policy can last for ten years since the property has been built. For example, if a property was built 3 years ago then it can be covered for 7 years fully.

What does Structural Insurance Cover?

Structural insurance covers a wide array of needs that people may have for their home. For example, the insurance can cover the cost of needing to partially or completely rebuild or fix any defects in the design of the property due to some sort of defect with the design, poor workmanship, or materials.

There is also the benefit of covering your home for any part of it that has a waterproof envelope due to water ingress created by poor design, workmanship, or materials.

Finally you can get coverage for defects that can affect the health if the residents, such as problems with the chimney or the flue which can cause immediate problems for the health of occupants.

From our loyal customers

“I approached CRL for structural insurance on a recently acquired site with properties at various stages of completion. The staff were friendly and were able to tailor a bespoke package to meet our requirements for structural insurance.”

Hagan Homes