Stamford Now Includes Renovation and Re-Clad Projects in Their Policy Range

Many New Zealand home owners undertake major renovation projects to bring their home into the 21st century and we recognise that these projects deserve the protection of our warranty just as much as new homes.

The re-cladding of leaky homes and apartments is also set to gather momentum as homeowners and body corporates settle their claims with government, localcouncils and the original contractor, become “cashed-up” and ready to tackle the problems with their homes. The last thing any of these owners need is for the re-clad project itself to go wrong, as many already have, and to find themselves back at square one.

Owners of leaky buildings and others carrying out extension or renovation projects can now obtain a 10 year warranty from Stamford to cover the new works.

In conjunction with HOBANZ and re-clad specialist surveyors, Maynard Marks,Stamford Insurance has devised a new policy which will incorporate a rigorous design and materials appraisal, intended to ensure that these projects achieve their objective – a sound, weather tight home which will carry a new 10 year warranty. It will provide closure to the problems of leaky homes and give owners what they need most – peace of mind.

The warranty is transferrable to a new owner, making it likely that the current owner should be able to sell the property at a more attractive price.

HOBANZ, the Home Owners and Buyers Association of New Zealand is a not-for profit organisation dedicated to helping the owners of leaky buildings to obtain appropriate compensation and then advising those owners on how to best undertake the renovation project. They have unrivalled expertise based on lessons learned the hard way and have built a network of trusted providers to ensure that projects are executed to the
highest standards.

One thing is certain – there are no short-cuts worth taking when dealing with a leaky home or apartment building. Do it once and do it right is the golden rule.

So whether you are undertaking a renovation, an extension or a re-clad, Stamford can now provide a 10 year warranty for your project.

For more information contact Stamford Insurance direct or HOBANZ www.hobanz.org.nz

Broker Launches Revolutionary New Product

Insurance Business New Zealand – 9 July 2014

A recent entrant to the market here hopes a new 10 year warranty product will prevent crises such as the leaky building problems that have blighted the New Zealand building industry from happening again.

Ex-pat Brit Duncan Colebrook of Stamford Insurance has the sole rights in New Zealand to the new Lloyd’s-backed product which can cover single residential homes, apartments, and commercial buildings, including re-clads of leaky homes.

“It is high time homeowners could obtain a guarantee backed by an ‘A’ rated insurer of international standing,” says Colebrook.  “We saw a gap in the market and persuaded Lloyd’s to give us coverholder status here”.

He said previous policy offerings were seriously flawed: “Whilst many builders offer their own guarantee or provide a third party guarantee from someone like Master Build, the leaky building situation has shown that much broader and more secure cover is needed for current and future homeowners.”

Colebrook says the product was based on a UK model and tweaked to suit New Zealand specifications.

“We’re having to be more flexible regarding the types of products and materials used, and design in New Zealand is quite different from the UK.  We cover defects arising from faults and design or specification so we had to pay close attention to new design concepts that are common here that don’t apply to the UK and incorporate them into the underwriting thoughts and process.  It’s quite possible that the leaky building problems could have been avoided if this had been brought in sooner,” he added.

The warranty is transferrable to new owners if a property is sold on within the 10 year policy term and approved builders will have the option to seek indemnity from any claims made against them after two years giving additional protection not currently available in the market.

Colebrook, who is part of the Insurance Advisernet network, hopes to tap into the group to make the product available around the country.

“We are hoping this product will help revolutionise the way buildings are guaranteed in New Zealand for future generations and remove the need for government intervention.”

by Maryvonne Gray