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New Build Warranties to Bonds to Insurance Backed Guarantees
Structural Warranties: Are you still covered following the Alpha Insurance bankruptcy?
Many Developers and Self builders have been left in the dark not knowing whether their structural warranties are still in force or have been unaware until now of their demise
So are you still covered? The simplest and quickest way to find out is to contact us and allow us to investigate for you. Call now on 02476 437638.
What is a structural warranty / latent defects cover?
A structural warranty will typically last between 10-12 years after completion of your build. It is a mandatory requirement of most major lenders before releasing funds and you will be unable to sell your residential or commercial property without one.
It is there to fix any structural problems, otherwise known as Latent Defects which may occur.
How has Alphas demise affected the Structural Warranty market?
The upshot is many thousands of new homes, self builds and commercial projects may now be uninsured and cover needs to taken out retrospectively before the possibility of structural problems occur and personally expensive for the building owner.
So after Alpha’s insolvency how do I know if I’m still covered?
As we said earlier contact us immediately on 02476 437638 to discuss your concerns. Not only can we ascertain whether or not you still have cover we can advise on remedial actions
Also bear in mind that whilst the Financial Services Compensation Scheme (FSCS) is there to protect the consumer should something like this happen it will only cover up to 90% of the claim and this protection is not transferable. All of our Latent Defect policies are transferrable – from the builder to the home owner for example. You typically cannot sell your property if it is under 10 years without cover in force.
If you don’t act now and Retrospective cover is required further down the line both the insurance and survey costs will be a lot more expensive than had you acted now. You also, as we have already said, run the risk of being personally liable for any potential structural defects which occur.
What if your self-build is still under construction?
It should be a priority for self-builders to contact us and seek alternative cover immediately
Talk to a specialist Insurance Broker like us and make sure the insurance company is ‘A’ rated for which all of ours are.
Contact us today on 02476 437638.
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