Boosting Trust and Confidence: The Game-Changer of Resilience Latent Defects Insurance

How Resilience LDI Could Have Transformed Mascot Towers' Fate

The high-profile structural failures at Mascot Towers and Opal Tower significantly damaged the reputation of off-the-plan apartments. The evacuation of Mascot Towers in 2019 and Opal Tower in 2018 highlighted the severe flaws in construction practices, causing long-lasting repercussions for property owners and developers alike.

However, the landscape of the building industry has seen substantial improvements since these incidents. Thanks to proactive measures led by industry figures like David Chandler, prospective buyers now have better tools and a fairer market to navigate.

Among these innovations, Resilience Latent Defects Insurance (LDI) stands out as a powerful asset for property developers, marketers, and managers. This 10-year insurance policy ensures that structural defects are identified and addressed early, boosting buyer confidence and safeguarding investments.

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First published to new property buyers on Urban.com.au/news: What would have happened if Mascot Towers had Resilience Latent Defects Insurance

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Proactive Quality Assurance

Corey Nugent, CEO of Resilience Insurance, emphasises the importance of build quality. With Resilience LDI, regular expert inspections during construction catch potential issues before they escalate. This proactive approach means problems are resolved before residents move in, setting a new standard for construction quality.

Immediate Protection and Support

Should any structural issues arise, Resilience LDI offers immediate coverage, eliminating the blame game among stakeholders. This policy not only rectifies problems swiftly but also provides temporary accommodation for affected homeowners, ensuring minimal disruption.

Enhanced Buyer Confidence

Developers partnering with Resilience report a marked increase in buyer confidence. Research from MatterFact indicates that 70% of off-the-plan apartment buyers are willing to pay a premium for properties covered by Resilience LDI. Leading developers such as  Deicorp, Abadeen, Urban Property Group, and Coronation Property have already embraced this policy, planning to include it in future projects.

A New Era for Property Development

Resilience LDI is more than just insurance; it represents a commitment to excellence and buyer assurance. By adopting this policy, developers not only protect their projects but also reinforce trust in the market, paving the way for a brighter future in property development.