Important Announcement - Structural Warranties
Does your structural warranty cover what you think it covers?
Recent client consultations with some local developers have revealed a worrying trend surrounding a lack of transparency in policy details as well as some alarming differences in what is covered and what is excluded in policies of some other warranty providers.
Not all structural warranties are the same – and that’s ok – but be fully aware of exactly what you have and more importantly, what you don’t have included in your policy. Recent feedback from some developers indicates that in some cases, wording relating to policy exclusions have not been immediately transparent. Some developers have said that they were not aware of the exclusions in advance meaning that the cover they now have in place is much less comprehensive than they originally thought.
Before you choose any structural warranty policy for your project, it is crucial that you are fully aware of exactly what is covered and what is excluded. For some of the developers we have talked to, it’s too late as the cover they in have place is not what they thought. For others, we have been able to highlight the differences and provide a solution. Often what initially seemed like a favourable, cheaper option turned out be much less cover with much more risk.
At Global, we arrange comprehensive cover with a UK based, A Rated insurer. We are a founding member of the Consumer Code for New Homes and promote best practice to protect both developers and homeowners.
We advocate strongly that you check all aspects of any structural warranty policy before you enter into an agreement. If we can help answer any of your questions, please do not hesitate to get in touch.