D is for development risks

D is for development risks

The seemingly inexorable growth of the UK property market has had a knock-on effect for developers, as the development industry has experienced a similar purple patch in the last year or so.

The demand for housing is continuing to grow, and with the latest estimates suggesting that 2015 will see around 250,000 new homes built, developers look set to benefit from another busy year.

Inevitably, this increased activity has led to a rise in the demand for legal indemnity policies too. The risks associated with developments typically include fairly ‘run-of-the-mill’ issues such as access or restrictive covenants, for which cover is readily available. However, it’s the risk of more complex problems arising where developers can come unstuck, as many legal indemnity insurers are unwilling to provide cover for a number of contentious issues.

A different approach

Fortunately, Countrywide isn’t like most other insurers. We offer a wide range of development policies to cover a whole host of potential problems, and we are one of only a few companies to offer specific cover for issues such as rights to light, judicial review and town and village green registrations.

We also have a team of vastly experienced underwriters, who are all adept at handling legal indemnity enquiries for development sites, no matter how large or complex. Thanks to our flexible attitude to underwriting, we’re more than happy to create bespoke solutions to match your clients’ exact requirements. Recently in particular, this approach has meant we’ve been able to assist on a number of cases to cover risks associated with solar developments, where one of our ‘standard’ policies hasn’t quite fitted the bill.

So, whilst the demand for housing and other kinds of developments stays high, the chances are that you’ll continue to be asked to source legal indemnity insurance for your clients. When you do, you can rest assured that no matter how challenging the case, with our range of covers, experienced underwriters and flexible approach, we’re ideally equipped to handle your enquiries.