Builders Warranty – 10 Year building guarantee
A builders warranty, also known as a structural warranty or building guarantee is a latent defect insurance policy. Protection is afforded to the homeowner from structural defects in new or converted properties. This type of policy provides 10 year cover from day one and has been designed for use on a either a residential or commercial property.
It is suitable for a new build, conversion, renovation or extension project which is being built as a one off, or where provision of a new home building warranty product is not possible. The product can also provide higher individual policy limits so is useful on multi-million pound homes. This new home warranty can also work well where a receiver is involved or where the project has a high reinstatement value or is being built as an investment only. The basic structural warranty does not carry a two year defects period and is suitable for use on more than one unit.
The cover provided takes into consideration the risks faced and protects the policyholder in the event the property suffers physical damage or the risk of physical damage. Which may be as a result of a defect in the design, workmanship, or components of the home. Unlike an architects certificate, the policy responds directly as there is no professional negligence to prove, making it a much more secure option. The product will note the interest of any lender. Automatic successor in title is also a standard feature of the cover.
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The cover provided takes into consideration the risks faced and protects the policyholder in the event the property suffers physical damage or the risk of physical damage. Which may be as a result of a defect in the design, workmanship, or components of the home. Unlike an architects certificate, the policy responds directly as there is no professional negligence to prove, making it a much more secure option. The product will note the interest of any lender. Automatic successor in title is also a standard feature of the cover.
10 year builders warranty insurance for new build homes
- Cover is for 10 years from the date of completion.
- No defects period.
- The new builders warranty policy protects the home owner in the event of major structural damage, defective waterproofing and drainage.
- Full risk transfer occurs in years 1 to 10
ADDITIONAL COVER
- additional costs and expenses cover
- alternative accommodation
- removal of debris
- professional fees
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