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Private non-life insurance provider HDFC ERGO today announced the launch of the ‘Inherent Defects Policy’, that provides cover to new buildings or civil structures against any damage caused by inherent structural defects.
Inherent Defects Insurance Policy offers protection against structural defects like cost of repairing, restoring or strengthening of the insured building, the company said in a release issued here.
This product also addresses one of the requirements of the recently enacted Real Estate (Regulation and Development) Act 2016 (RERA).
“It was launched to address the needs of real estate builders and provide them with a comprehensive cover against any damages during the construction of the building. This will not only help developers but also help housing societies if any damage is caused by inherent structural defects,” HDFC ERGO General Executive Director Mukesh Kumar said.
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