inherent defects insurance (IDI)
First-party property insurance that covers physical damage or imminent collapse
of newly constructed property caused by faulty design, engineering, workmanship,
or materials in load-bearing elements such as foundations, columns, walls, floors,
beams, roofs, and land improvements. Available to qualified owners, developers,
and contractors for up to a 10-year policy term, IDI provides a mechanism for
reducing or avoiding construction defects litigation.
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