Building Warranty Insurance provides the ultimate protection for building owners as well as property developers and investors. Many property owners and purchasers believe that the Building Act is all the protection they need to guard against defects arising after completion.
However, while the Act assigns liability to those involved in the project – developers, builder, architect, etc. – it doesn’t help in identifying who is at fault if a defect occurs. That can often be difficult, may involve litigation, and can be both time consuming and costly. Building Warranty Insurance avoids the need for identifying who is at fault when a defect occurs. Instead, repairs to rectify the problem are covered by insurance.
