Developer
FAF International has developed a range of policies to overcome known and unknown legal ownership issues, enabling your site to be developed and sold on or let quicker.
As a residential or commercial property developer, you'll know the last thing you need is to have your build programme delayed by issues regarding legal ownership. Site acquisition can involve a number of different land parcels and can be a minefield of problems, most of which are expensive, time consuming and stressful to resolve.
Cover can be arranged on a pre or post-planning basis and insured risks can include:
- those identified during due diligence.
- unknown risks such as fraud and forgery.
On your residential developments, FAF International can help plot sales by bundling the developer's insurance with a policy for each buyer.
Obtaining Finance
In the current market, obtaining finance for a project is proving increasingly difficult. Lenders want assurances that their investments are sound and that a proposed development will not be blighted by unforeseen problems, such as restrictive covenants or access issues.
Developer Commencing Work
Having successfully obtained planning permission, it is reasonable that the developer will often need to get on site and start works as soon as possible. In many countries this is not possible as there is a period following the grant, in which planning permission can be called in on judicial review grounds, if it is alleged that the correct procedures were not followed.
FAF International has developed an insurance policy for British developers to allow them to commence work immediately. The insurance protects the developer allowing for the legal costs involved in defending the application, the interest payments on the loan which are being accrued whilst the application is decided and if necessary, the costs of submitting a revised planning application.
This type of insurance will usually be available where the period of time during which judicial review can be asked for is transparent. Detailed information about the planning process will be examined by our expert underwriters, usually with the help of local outside counsel.
Contact us if you would like to discuss this insurance for your region.
Urban Land Development
FAF International has developed an insurance policy, which protects loss caused because a development infringes someone else's legal right to light for their land.
As available space in city centre locations is now at a premium, the need to maximise the development potential of land leads to the construction of taller buildings in more and more confined areas.
Such development has inevitable consequences on adjoining properties, particularly in relation to the amount of light that they will continue to receive and there is no certainty that they will be able to complete the development if a third party seeks to enforce their rights of light.