Improvement of financial guarantees to owners of capital construction objects after their commissioning in operation

The authors analyze the existing Russian and foreign practices and legal regulation concerning the liability of any par ties involved in the construction process for latent defects of the structures (buildings) which are revealed during its exploitation. Authors show that existent regulation do not provide reasonable legal guaranties of getting indemnity of losses either for the owners or for the third parties while such losses could reach an enormous size if the building cannot be used any more. For the first time over the period of existing in Russia the self-regulatory system in the construction sector the financial model of this system is worked out and presented in the paper. Using this model authors justify the opportunity to enhance the liability of construction professionals without introducing the new or raising the currant compulsory fees in the indemnity funds. These suggestions will allow not only to indemnify losses of property owners and third parties but to make the real estate sector more sound, to lower the risks of financing the real estate by the investors and banks.