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Some freeholders may be granted a legal right to enjoy a reasonable amount of natural light to their building, this is called a ‘right to light’.
As a property developer, if you work on high-rise developments, you could be at risk further on down the line of lawsuits made against you due to restricted light caused by your property.
In order to protect your business against this risk, property developers have the option to take out a dedicated insurance policy to protect themselves against these costs.
When you’re developing high-rise properties near other buildings and impede their levels of light, they may legally have the right to take legal action and claim compensation against your business. The cost of compensation towards those affected can be significant, sometimes up to 30% or more of your profit.
Without the right protection in place, this could cause significant financial detriment to your business. Right to Light Insurance is designed to cover the legal costs of investigating and defending such a claim, as well as covering for legal settlements, loss of land and abortive design and construction costs.