For any property developer, potential Rights of Light claims aren’t something to be ignored. In fact, with the case law surrounding Rights of Light evolving at great speed, a Rights of Light claim could break a project, break the bank balance and break valuable reputations.
Recent cases have seen the courts granting injunctions as opposed to awarding compensation and there’s no reason why future cases won’t result in a similar outcome.
In fact, at this point in time, the chances are high that a developer will need to alter a project, abandon it or even demolish part of a finished development.
Rights of Light claims can’t always be quashed but, with a Rights of Light insurance policy, the enormous impact of a claim can.
Bespoke cover can include:
- All legal costs involved in addressing claims against the insured developer.
- The cost of any settlements, damages awarded, abortive costs or additional project costs incurred.
- Loss in land value in the event the developer’s desired project is permanently halted by the Court.
As all Rights of Light claimants believe they have a right of light, all developers have a right to an insurance solution that will respond in the event of a claim - a solution which enables them to keep costs down and proceed with their project. That solution is a Rights of Light insurance policy and Fairweather Insurance Services can provide the right cover for a lighter, brighter outcome.
Costs of Rights Of Light insurance
The costs of this type of specialist, but very important, insurance varies from the size of the development and likely risks.
The start is the need to get a Rights of Light report produced about the requirements of the specific location. This starts at about £2,000 for simpler developments and will increase for more extensive developments.
Premiums for Rights of Light start at around £3,000 (+ appropriate tax) and could typically cost £10,000 (+ appropriate tax) for a £1m house development.