SUPPORT FOR WHEN THINGS DON’T GO TO PLAN
Property developers purchase land on the basis that planning applications are accepted, allowing projects to be completed efficiently.
However, there is always a chance an application is hindered or rejected which can leave you footing a bill which runs into tens or hundreds of thousands of pounds.
Property vendors can rarely obtain the full value of their property at sale without planning granted, or with risks of other issues such as contaminants on brown field sites.
Risk Factor have the answer. As one of the most sought-after insurance policies for property developers and vendors, this specialist scheme protects you when planning is refused or obstacles encountered.
WHAT IS ABORTED PLANNING CONSENT?
The property developer world is constantly changing, and planning consent can be hard to get, costly and time-consuming. It’s not just the fees for the application that are at risk but your initial investment in the project itself – and obtaining investors for large scale developments is that much harder in early stages when the risks are higher.
This policy protects developers during the pre-planning and post-planning applications up to determination, providing the widest range of cover to suit all applications, whether it is a relatively minor one or a highly complex development.
WHAT COSTS ARE COVERED?
With Risk Factor, we can cover:
- Preliminary site investigations
- Planning fees
- Project management costs such as architects, consultants, surveyors, flood risk engineers, accountants
- Legal fees
- Payments for exclusive negotiating rights
- Market research costs
- Death of vendor and delayed completion costs
- And the policy is assignable from vendor to purchaser.
This policy is considered one of the most desirable cover options for property vendors and property developers in the UK. With our commitment to first-class service, you can feel assured on every project moving forward that the right cover is in place should you need our assistance.
Learn more about how this policy can support your development by calling 03300 563 360.
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