Is there still a need for this cover, given the changes to the potential Judicial Review Indemnity Insurance period under planning rules from some while ago?
Much depends on whether the contract has a tight deadline and hence a prompt start is essential or say, if the contract is for an important facility or amenity such as a school/public service building. The parties involved may dictate the position – public bodies/housing associations/lenders are more risk averse than private companies and may well insist on the cover being place in force.
I recently visited a site which had been cleared/scraped, substantial fencing erected, offices and welfare cabins installed, temporary roadways in place and piling machinery had been moved onto the site and yet planning had not yet been granted. In other words, there had been a very significant upfront capital expenditure and JR cover was placed in force immediately that the planning permission had been granted.
There are a number of key heads of loss which may be covered under a Judicial Review Indemnity policy including: all legal/surveyors fees incurred with the insurers consent, continued hire costs, increased interest charges, loss of rent/service charges, third party settlements under a Court Order, demolition/alterations/reinstatement and any subsequent reduction in the value of the property.
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