Structural Warranties are also sometimes referred to as Latent Defects Insurance. It covers the cost of any damages or defects after the building work has been completed. It covers damages caused by but not limited to faults in the design, workmanship, materials, supervision, construction and installation. Here are 4 reasons why a 10 year structural warranty is essential for your building warranty project.
- Peace of mind
Structural defects may not be immediately visible. A 10 year structural warranty cover gives you 10 or 12 years of protection and peace of mind- if any defects appear in the structure, this insurance will cover the costs of repairing the defects, making any replacements and fixing the damage caused.
- Saves time, money and avoids any Litigation Costs:
Structural defects can be extremely expensive to rectify. With a 10 year structural warranty it is quick and easy to make an insurance claim for a defect if you have a structural warranty in place. There is no need to establish who’s at fault or worry about expensive litigation costs in the event of a latent defect- you simply need to prove the existence of the defect and proceed with your claim.
- Enhances the saleability of the property:
A vast majority of mortgage lenders and banks require a structural warranty or latent defect insurance to be in place before a mortgage can be provided. Having a new build warranty in place gives potential buyers the peace of mind that their home has been built to the highest standards.
- Transferable cover:
Structural warranties are easily transferable- When the home is sold, the remaining term of cover will transfer to the new owner.
10 Year Structural Warranty Insurance
It is always more cost effective to take out insurance at the start of the project. Your warranty could very well become more expensive the longer you wait. Rather than incurring higher surveyor fees, it is more cost efficient to get each stage of the project signed off as it happens.
Buildsafe are a client led team of experts who take the stress out of searching for building warranty products by offering an independent, clear view on the market. Our Consultants specialise in finding bespoke solutions for your project needs and work to provide the best independent advice possible. We regularly work with developers on project values ranging from £200,000 to £100,000,000 and our team have a wealth of experience in all types of development projects.