10 Year LDI Protection
Adorn will be covered by ten-year Latent Defects Insurance (LDI). This is a new insurance product in Australia that enables owners corporations to have a serious defect fixed up to ten years after an apartment building is first occupied, covering any potential costs. It is intended to provide an insurance of first resort, allowing building owners to make a claim as soon as a defect is identified. A LDI policy covers critical parts of a building’s common property, including the building’s structure, fire safety systems and waterproofing. It is taken out by the developer on behalf of the owner’s corporation before the building is occupied. The policy attaches to the building, which means it will protect successive owners to make claims over that ten-year period. This gives owners peace of mind and empowers them to quickly make a claim for defects, should they arise.
