Absence of Easements Insurance
Absense of Easements Insurance is a type of cover that can prove incredibly useful for the construction industry. As a property developer or contractor, you need to be in control of every aspect of your project. Whether you’re renovating an existing property, demolishing and rebuilding a residential property or building a major development of houses or apartment blocks, control is key. But, sometimes, there are areas of a development that you can’t plan for.
For instance, where access to your build involves going through an area of a neighbouring property or land, you would obtain an Easement enabling that access.
It would enable access for utility and service providers, like cable, gas and electric companies. It could give you access for construction materials to be delivered to your site. Or it could simply provide a footpath from the street to your development, for your eventual residents to use. But, what if that Easement should be challenged by the legal owner of the neighbouring property? That alone could interrupt your build and slow your project down. And if that challenge was upheld, the repercussions could be disastrous. At the least it could mean ‘going back to the drawing board’ to re-plan your project. At the worst, it could mean demolishing your entire structure.
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Whatever your absence of easement insurance requirements, please get in touch today for a free no obligation quotation.