Electrifying work from DUAL Asset
DUAL Asset recently helped a major developer (the insured) with an issue on one of their developments. The original policy was for mines and minerals coverage and then DUAL Asset provided an endorsement for various way leaves and easements in favour of the Electricity Board, in particular a 1985 Deed.
The 1985 Deed was entered into by the then landowner to facilitate the laying of an electrical cable to serve the buildings on the site; the cable did not supply any third parties. Those buildings were now being demolished pending redevelopment, meaning the cable was now redundant.
In addition, the development proposals would mean that new electricity infrastructure would be required to serve the new constructions.
The insured wished to sell the development site, but the buyer did not want to purchase the property with the power line running through it and the 1985 Deed in place, the concern being that the electricity company could halt development and hold them to ransom by insisting the cable remains in situ under the terms of the express easement.
The insured contacted us in accordance with the policy terms to approach the utility provider to move the power cable to a new position, so as to not interfere with the development and seek a surrender of the 1985 Deed. The power cable was subsequently moved with the agreement of the utility provider for no cost to the insured. There was therefore no claim on the policy.
However, because it was a major developer and a national law firm, DUAL Asset agreed to make an ex gratis payment towards the insured’s legal fees. The insured was delighted with this and the manner in which DUAL Asset had enabled them to move the power line and proceed with their development without delay…