What am I covered for?
Once we have received the Code Compliance Certificate, Our policies cover All Defects for 2 years from the date of Practical Completion and Major Defects including failure of the waterproof envelope for a further 8 years due to:
- Defective design or specification
- Failure of products and materials
- Defective workmanship.
What are the Benefits?
- It is a first response policy
- It adds value to your property.
Who is insured under the Policy?
The Policy covers the owner of the building or the Body Corporate and each owner for their respective rights and interests.
Do I have to pay an annual premium?
No, the single premium has been paid for the full 10 years, subject to adjustments explained elsewhere.
Does the cover keep pace with inflation?
Yes, the sum insured is index-linked to a maximum of 5% p.a.
What happens when a property is sold?
The policy can be transferred to the new owner (an administration fee applies). Please download a Deed of Assignment.
Are there any conditions or exclusions that apply?
Yes, please refer to the Building Warranty Policy document for further details on the conditions and exclusions that apply.
Is the Policy still valid once the repairs have been carried out?
Yes, the building is still covered by the Policy for the balance of the 10 years.
How does the claim process work?
- During the first two years of the policy, the Policy holder should contact the Builder or Developer who built the dwelling
and ask them to rectify any defects. If they fail to rectify the defect or do not respond, please contact Stamford
- During Structural Insurance period, the Policyholder should notify Stamford Insurance of a possible claim.