BLP Insurance is preferred insurer for Land Securities
secures its largest scheme with Land Securities' Nova, Victoria development.
BLP Insurance, the residential and commercial building defects insurer, has secured its largest scheme to date having been appointed by Land Securities as the insurance provider for the Nova development in Victoria, London. BLP Insurance has been the preferred defects insurance provider for Land Securities on several other Land Securities schemes.
The latent defects insurance product from BLP Insurance is designed to cover the full rebuild value of the development in the event of a building failure arising, providing comfort for the funders of the project and protecting the interests of the shareholders. BLP Insurance is underwritten by Allianz Global Corporate & Specialty SE and is the leading insurance provider on this joint development venture between Land Securities and Canada Pension Plan Investment Board (CPPIB). BLP has also been appointed as Technical Auditors on the residential element of the development to deliver high end contemporary apartments.
BLP Insurance has insured a total of £1.77 billion worth of commercial developments for Land Securities. The commercial latent defects insurance product, underwritten by Allianz Global Corporate & Specialty SE, is recognised as the most comprehensive in the market with M&E cover, Component Failure, Loss of Rent and financial limits to match the exposure.
Nova, Victoria, which was formerly known as Victoria Circle, is part of Land Securities' £2.2 billion re-invention of Victoria. Comprising of five new buildings the transformation of the 5.5 acre site opposite Victoria station commenced in June 2013 and once completed will provide a mix of retail, residential, office and public amenity space.
Chris Loerns, Underwriting Director at BLP Insurance, says: "We have enjoyed a good relationship with Land Securities for a number of years now and being part of this project is testament to our experience and expertise in the sector and the quality of our commercial latent defects insurance product.
"As we continue to see an increase in development activity in the UK construction industry, we are now well positioned to build on BLP Insurance's success and position as the leading provider of latent defects insurance."