Our client, an experienced and well known developer, was negotiating for provision of a 900,000 square foot distribution warehouse in the UK. They requested a broad indication of likely costs to put a commercial latent defects policy in place during their initial negotiations. Over the following months we provided various options and eventually the deal was signed with the requirement to provide Latent Defects cover. We then undertook further negotiations with funders, lawyers (both funders and purchasers) and insurers culminating in the provision of cover for a £30m build. Various extensions were built in to the cover including Mechanical and Electrical equipment and Business Interruption covers. We drafted and redrafted the policy until the cover was accepted by all parties and issued accordingly.
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BLG were contacted by a national firm of Insolvency Practitioners concerning a development of properties in Leicestershire. The properties consisted of 4 separate blocks and totalled 25 units. The developer had been placed into Receivership at a time when the project had been completed for 2 years.
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My solicitors have been amazed at the speed at which this policy has been made available. They have said they will certainly use your company if they have a similar issue in the future and I have therefore taken the liberty of leaving them a copy of the letter with all your c...
Read full articleDirectors Mark Jackson and James Russell jetted off to Denmark on Tuesday for a vital business meeting which is great news for BLG. After leaving sunny...
