What is a structural warranty?
A structural warranty is an insurance policy providing 10 year cover against major damage as a result of defects in the design, workmanship and materials of the structure or waterproof envelope. It may also provide cover for the below ground drainage, contaminated land. It can also cover failure to comply with building regulations.
Structural warranties are very different to an Architects Certificate or professional consultant’s certificate. These types of certification do not provide the same level of primary protection. In the event of a problem arising they require you to prove professional negligence. This can be a lengthy and expensive experience, which is why Structural Warranties are preferable to lenders.
A structural warranty is important if you are looking to raise a mortgage or are building a property to sell. This is because the bank or building society will want the security of the structural warranty being in place. Protek is listed in the UK Finance Handbook and recognised by lenders.
How does the structural warranty work?
The process starts with a technical audit programme. Carried out during the course of construction, this process will check the design, workmanship and materials to ensure they meet the requirements of the insurer.
Cover starts from completion and runs for a ten or twelve year period. In some instances the policy can also provide protection (new home warranty) for the purchasers deposit in the event the developer becomes insolvent prior to completion.
What type of structural warranty product do I need?
If you are a business building or converting a residential development to sell, our new home warranty is for you.
A basic warranty is designed to provide simple completion cover.
Are you managing the building of your own home? If that is the case you should take a look at our Self Build Warranty which meets the Community Infrastructure levy exemption requirements and will be acceptable to specialist self-build mortgage lenders.
If you have a completed property that does not benefit from a structural warranty or only has a professional consultant’s certificate, then we can arrange a retrospective warranty.