CLSQ Introduces Groundbreaking Bamboo Indemnity Insurance
In a move to provide property owners and lenders with much-needed protection against the risks posed by invasive bamboo, CLSQ has launched a Bamboo Indemnity Insurance policy. This innovative solution is part of the company’s comprehensive invasive species indemnity range, which also covers other non-native species like knotweed.
The menace of invasive bamboo
Bamboo, especially the running variety, can cause significant destruction to properties. Its root system can spread rapidly, causing damage to nearby structures and infrastructure. In extreme cases, bamboo shoots have been known to penetrate through concrete, tarmac, and even chimney breasts. The consequences of an unchecked bamboo infestation can be devastating, resulting in costly repairs, reduced property values, and even legal disputes between neighbors.
A property ruined by unchecked bamboo growth
The CLSQ Bamboo Indemnity Insurance policy
CLSQ’s policy offers protection against financial loss for a period of five years, covering the costs of remedial action to remove bamboo from the insured property. In addition, the policy provides cover for loss in market value that the property owner may suffer as a result of the infestation. This comprehensive coverage ensures that property owners and lenders are well-protected against the risks associated with invasive bamboo.
Bamboo roots spreading rapidly underground
Who is covered by the policy?
The policy offers protection for both residential and commercial property owners. Where a survey has been undertaken to show no bamboo on the property or neighboring properties, the policy will cover both the purchaser and the lender. If no survey has been undertaken, the policy will cover just the lender.
Innovative solutions for a growing problem
According to Lorenzo Tejada-Orrell, Chief Innovation Officer at CLSQ, the demand for bamboo indemnity insurance has been on the rise, driven by requests from lenders and lawyers seeking to mitigate the risks posed by invasive bamboo. CLSQ’s innovative approach to indemnity insurance is designed to address this growing concern, providing property owners and lenders with the peace of mind they need to navigate the complex world of property ownership.
Lorenzo Tejada-Orrell, Chief Innovation Officer at CLSQ
Conclusion
CLSQ’s Bamboo Indemnity Insurance policy is a vital tool in the fight against invasive bamboo. By providing comprehensive protection against financial loss and covering the costs of remedial action, this innovative solution gives property owners and lenders the confidence they need to invest in properties without worrying about the risks associated with bamboo infestations.
