Right To Light
Right to Light – What is it anyway?
A big growth area in recent years has been the take up of “Right to Light” insurance policies, also known as “Right of Light”. The big question, then, is why is that?
In simple terms, building developers and contractors face an ever growing exposure to claims from surrounding property owners that can either halt a development or result in substantial damages being awarded. This can put people off developing in certain locations which would otherwise be very profitable.
Why is it such an issue?
As the struggle to cram more and larger buildings into finite space continues, so they get closer together and they get taller. The inevitable result is that properties that have benefited from natural daylight for many years suddenly spend much of the day in shadow. What property owner or occupier accepts that? Well, not too many these days in a time where people seem more litigious than ever.
Why insure against it?
Because a right to light claim against a development can significantly reduce the profitability of a development or even stop it. In addition there can be damages awarded that again impact on the property. Having such insurance in place enables you to develop and realise investment in a build.
What is covered?
If you want to talk this through then feel free to contact us and we will be happy to help. In brief, the features of the cover are:
- Professional/legal fess
- Injunction compliance costs
- Compensation awards to third parties
- Cover where the development is restricted by “cut back” losses
How can we help?
All we need from you is a copy of the Right to Light Survey that you have had carried out and that is enough to get us started.
We will work with you to put a solution together. As well as providing important protection for you and future owners/occupiers, this can also assist with keeping funders happy – key to making deals happen.