Princeton Enhances Buyer Confidence with 10-Year Latent Defects Insurance at Marque Rockdale​

In a significant move to bolster buyer confidence, Princeton has introduced a 10-year Latent Defects Insurance (LDI) policy for its latest development, Marque Rockdale. This policy, provided by Resilience Insurance, offers purchasers extensive protection against structural and waterproofing defects, ensuring peace of mind and long-term security.

Understanding Latent Defects Insurance

Latent Defects Insurance is a groundbreaking policy that has been available globally for over seven decades and is now being implemented in Australia by Resilience Insurance. It provides a 10-year warranty covering structural and waterproofing defects in new apartments and the buildings they occupy. This insurance is considered 'first resort,' meaning claims can be made directly without the need to establish fault or engage in legal proceedings.

Benefits for Buyers and Developers

For buyers, the LDI policy ensures that any issues related to the structural integrity of their property are addressed promptly and effectively, without the burden of legal disputes. Developers also benefit from increased sales rates and higher-value sales, as the policy enhances the overall appeal and trustworthiness of their projects.

Marque Rockdale: A Commitment to Quality

Marque Rockdale, currently under construction by iCIRT-rated builder Coplex, is set to comprise 58 one, two, and three-bedroom apartments, including SOHO (Small Office Home Office) units that blend residential and workspace uses. The seven-level building will feature a communal rooftop herb garden with over 100 sqm of breakout space, a barbecue area, a children's play zone, a pergola-shaded dining area, and integrated seating.

Industry Perspectives

Project marketers recognize the value of LDI in the development industry. Ray White Western Sydney Projects Managing Director, Mark Bernberg, describes LDI as "simply the greatest thing to happen to a buyer's peace of mind." He emphasizes that LDI pays out first upon identification of a defect, streamlining the process for property owners.

Princeton's adoption of the 10-year Latent Defects Insurance for Marque Rockdale exemplifies a proactive approach to addressing buyer concerns and enhancing the quality and reliability of new developments. This initiative sets a new standard in the property market, fostering trust and confidence among purchasers.