Ensurance has secured Lloyd’s capacity to launch a product that covers against property damage caused by structural defects.

The underwriting agency intends to start offering the “latent defects” insurance this month.

“Policyholders are covered for the rectification of structural defects discovered up to 10 years after construction has been completed,” Ensurance says.

“The product is the first of its kind to provide this level of coverage in Australia and is expected to be met with strong interest and demand from customers once launched in May.”

The listed underwriting agency is also extending its range of construction products to include environmental impairment and property owners’ liability, after reaching an agreement with providers for increased capacity.

And in the UK this month Ensurance will launch a terrorism and sabotage product.

The business has dropped plans for a commercial marine risk product in Australia due to decreasing market appetite and inability to secure capacity on commercially favourable terms.

In the March quarter, customer cash receipts from continuing operations reached $630,000, Ensurance says.