Building Warranty Insurance (also known as Latent Defects Insurance) covers loss or damage due to a defect in the design, materials or workmanship for up to 10 years after the property has been completed. Our policy will give you complete peace of mind.
Whether you are the Developer, the Financier, the Builder, the Owner or a Tenant, our 10 year building warranty policies protect you from the costs associated with major structural defects, including weather tightness issues.
We have a policy to suit every type of project
- 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 including weather tightness claims
- Takes over responsibility for dealing with the problem and finding the solution
- Repairs can proceed swiftly without the need to work out who is to blame or incur huge legal costs
- Policies are issued to the owner or the Body Corporate as required and also protects financiers / investors
- Transferrable to a new owner on sale at any time within 10 years – added value when seeking a buyer
- Can protect against developer / builder insolvency during construction (depending on the contract terms)
- 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 transferred to a new owner but our 10 year building warranty insurance policy is fully transferrable
Key Features of all Policies
- Underwritten by certain underwriters of Lloyds – Standard & Poor’s rating A+
- 10 year Indemnity period as standard for Major Defects
- Comprehensive, easy to read building warranty policies
- Policies transferrable to new owners – improve saleability
- Technical Advisory Service from Qualified Chartered Surveyors
- Claims professionally managed by Independent Loss Adjusters
- Inflation protected – cover is linked to the Building Cost Index
- Projects of any value can be insured