An ASX-listed insurer has launched an Australian-first insurance product for builders, homeowners, developers, and body corporates.

Ensurance adds to its specialised construction and engineering insurance portfolio with latent defects insurance, supported by Lloyd’s as capacity provider, to provide policyholders with protection against structural defects discovered up to 10 years after a building’s construction has been completed.

The new product indemnifies the insured for the cost to rectify the defect and any damage caused by it, up to the sum insured – the first product in Australia to offer such a level of coverage for latent defects, according to the firm.

“We are pleased to have successfully launched our latent defects insurance in Australia and are confident that this product meets a large and growing need to protect property owners and builders from structural defects and the resulting damage caused by them,” said Tony Leibowitz, Ensurance executive chairman. “This product expands our offering with another niche product targeting the construction and engineering insurance market.”

The product is being sold on an exclusive basis via Ensurance Australia’s network of 337 licensed intermediaries.