PRODUCT NEWS Introducing the SA Eagle Property Defects Policy
Tower Underwriting Agency and SA Eagle recently joined forces and launched a niche product aimed at home buyers, called the SA Eagle Property Defects Policy.
It's aimed at buyers of second hand properties of at least two years old and protects the consumer against structural defects that aren't apparent. Without the benefit of the SA Eagle Property Defects Policy, the client would have to bear the cost of repairing, replacing, renewing or strengthening structural defects.
After entering into an insurance contract and transfer or occupation has taken place, the policy becomes effective. It runs for a period of 180 consecutive calendar days with the option to extend it after the initial period of insurance has expired.
Initially, the product will be marketed to conveyancers, estate agents, banks and brokers who have direct access to the target market. Cover is nationwide, the bank's assets are protected and the Policyholder Protection Rules, as legislated by government, also apply.
