Renovation Underwriting has launched a specialist cover that financially protects property owners undertaking renovation or construction projects, specifically in circumstances where damage could occur to neighbouring properties and no one can be proven to be at fault.
The product – Renovation Non-Neg Pro – is being made available on the wholesale market for the first time for brokers advising on contract works projects and Party Wall Act matters. It previously rolled out non-negligence liability cover available either as part of a wider renovation cover or as a standalone product in 2023.
The Geo Underwriting-owned managing general agent explained the cover responds under a legal concept known as ‘strict liability’, which it termed a key part of the Party Wall
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