Architects, Engineers and Project Managers
Insurance Brokers, Lawyers and Real Estate Agents

We recognise that you are the trusted professionals who are already working closely with your clients and they rely on you to give them the best advice.  That should include putting in place a 10 year building warranty against Latent Defects on any building project.  A comprehensive building warranty on the project will help your clients to achieve the best outcome, whether they retain, sell or lease their property.

It doesn’t matter if your client is the owner looking to retain the property on completion or is a developer aiming to sell on quickly, either off-plan or soon after completion.  Our warranty will improve the risk profile of any project for a surprisingly modest premium – usually around 0.5-0.8% of the construction cost (excluding land) – and will make the completed property more attractive to owners, potential owners and tenants.

All Types of Projects can be Insured

  • Individual homes
  • Townhouses, duplex and multi-unit complexes
  • Apartment buildings
  • Commercial and mixed-use developments
  • Renovation, conversion and re-clad projects

Our Policy for Large Residential Projects

Covers major Structural defects and failure of the waterproof envelope due to:

  • Defective design or specification
  • Failure of products and materials
  • Defective workmanship

And also covers:

  • Cost of renting alternative accommodation whilst repairs are carried out
  • Professional fees in the event of a claim

Why Insure?

  • Provides a first response policy directly to the owner
  • Covers all defects for the first 2 years and major structural defects for a further 8 years
  • Takes over responsibility for dealing with the problem and finding the solution
  • Policies are issued to the home owner or the body corporate as required
  • Transferrable to a new owner on sale at any time within 10 years
  • Builders and suppliers may be liable under the Building Act but where will they be in 10 years’ time?
  • Not all rights under the Building Act are transferrable to a new owner
  • Protects the developer against possible litigation

Building Warranty Insurance from a Leading Insurer

  • Lloyd’s of London – the world’s leading specialist insurer
  • Carries an ‘A’ rating from all the major rating agencies
  • Over 300 years of security and service in insurance
  • A passion for excellence and innovation
  • A focus on intelligent underwriting and risk management

Exclusively administered by Stamford Insurance

  • A 10 Year Building Warranty Insurance Policy issued here in New Zealand
  • Administered by experienced and qualified insurance professionals
  • Regulated by the Financial Markets Authority
  • Members of the Insurance Brokers Association of New Zealand
  • Independent management of all claims by loss adjusters

Insurance        Coverholder_Lloyds

Underwriting Process

  • Fast turnaround on quotations – usually 24-48 hours from receipt of all information
  • Projects of any value can be considered
  • Each project is individually notified and assessed
  • Plans and designs are reviewed for every project
  • Contractors are subject to Technical and Financial Assessments
  • Many leading contractors have already been accredited by Stamford
  • Building Warranty policies are tailored to the specific project and client requirements
  • Flexible premium payment options to match project cash flow

Consider the Differences in Claims Management – which pathway would you prefer?

crossNOT INSURED   transparent-green-checkmark-hi INSURED WITH LLOYDS 
INVESTIGATION OWNERS MUST CARRY OUT THEIR OWN INVESTIGATION, PERHAPS EMPLOYING PROFESSIONAL SURVEYORS AT THEIR OWN EXPENSE TO DETERMINE THE CAUSE OF THE LOSS NOTIFICATION INSURED NOTIFIES A CLAIM AND INSURERS APPOINT INDEPENDENT LOSS ADJUSTERS (AT THEIR OWN EXPENSE) TO INVESTIGATE THE CLAIM AND DETERMINE REMEDIAL ACTION
CLAIM OWNER MAKES A CLAIM AGAINST THE PARTY RESPONSIBLE (IF THEY ARE STILL IN BUSINESS). THIS MAY INVOLVE LENGTHY NEGOTIATION, EVEN LITIGATION TO ACHIEVE A RESULT. ALL THE TIME, THE BUILDING MAY CONTINUE TO DETERIORATE REMEDIATION IF IT IS A VALID CLAIM, THE INSURERS WILL PAY FOR 100% OF THE LOSS, SUBJECT TO A SMALL EXCESS. THEY HAVE EVERY INCENTIVE TO REMEDY THE DEFECTS QUICKLY AS THEIR COSTS WILL ONLY INCREASE IF THERE IS ANY DELAY IN CARRYING OUT REPAIRS.
SETTLEMENT OWNERS WILL USUALLY REACH A NEGOTIATED OR LEGAL SETTLEMENT FOR LESS THAN THE FULL COST OF THE WORKS. THE OWNER MUST THEN EXECUTE THE WORKS, EMPLOYING THEIR OWN PROFESSIONAL TEAM AND CONTRACTORS RECOURSE IF ANOTHER PARTY IS RESPONSIBLE FOR THE DEFECT THE INSURERS TAKE OVER THE OWNER’S RIGHTS OF SUBROGATION AND THE OWNER IS NOT INVOLVED IN ANY LITIGATION
AFTER COMPLETION THE OWNER STILL HAS A RENOVATED PROPERTY WITHOUT ANY BUILDING WARRANTY IN PLACE AFTER COMPLETION THE BUILDING IS STILL COVERED BY THE LLOYD’S INSURANCE FOR THE BALANCE OF THE 10 YEARS

The Ultimate Solution for Your Construction Projects

  • A comprehensive building warranty insurance policy which delivers security and peace of mind
  • Freedom from risk of future failure in performance
  • Removes the need for litigation
  • Improves the value of the property at point of sale and on re-sale
  • Underwritten by one of the world’s leading Insurers

For further information or to discuss our services please call 0800 927 0100 or Contact Us