Building Warranty from Stamford Insurance
STAMFORD INSURANCE BUILDING WARRANTY
Insurance policy issued by Lloyds of London with a Financial Strength Rating of A+ (Standards & Poors)
This warranty covers All Defects for the first 2 years and major structural defects, INCLUDING weather tightness, for a further 8 years, 10 years in total. The warranty is underwritten by Lloyd’s of London, the World’s leading specialist insurer so it is fully independent and secure for your complete peace of mind. The policy will protect the purchaser and any future owners so it also improves your investment if ever you decide to sell. Because it covers defects in design, materials or workmanship, it means any major problem is likely to be covered.
PROTECTING YOUR INVESTMENT
When buying a new home, it’s important to ensure that you protect your investment with the best warranty available in case of problems after completion. Your developer has made sure you have the peace of mind of a 10 Year Building Warranty Insurance underwritten by Lloyds of London.Our policy provides the highest standard of Building Warranty and Latent Defects Insurance for residential property of all types, including single homes, townhouses, apartments and renovation or re-clad projects. It covers Major Structural Defects and Failure of the Waterproof Envelope due to:
• Defective design or specification
• Failure of products and materials
• Defective workmanship
IMPROVES RESALE VALUE
If you sell your home your warranty can be transferred to the new owner. This is certain to give potential buyers greater confidence in your home.
Our policy is based on the full contract price and will be linked to the Building Price Index to ensure that your cover keeps pace with inflation. This is so important when you consider that a claim could occur towards the end of the 10 year term.
OUR STANDARD 10 YEAR WARRENTY
Defects Insurance Period – 2 years For 2 years from the date of completion the developer/ builder is responsible for rectifying defects in the property. If the developer/ builder fails to remedy defects in the home for which
they are responsible we will pay for another builder to carry out the works.
Structural Insurance Period – 8 Years For a further 8 years from the end of the defects insurance period we will pay to rectify major structural defects in the property, including weather-tightness issues. Extensions Included
• Cost of alternative accommodation if the residents have to move out during repairs
• Professional fees 5%
• Removal of debris 5%
ABOUT STAMFORD INSURANCE
Stamford Insurance Ltd is a Registered Financial Adviser and has wide experience in insurance for the construction industry. Our policies are designed especially for New Zealand and we are authorised to issue building warranty insurance here on behalf of Certain Underwriters at Lloyd’s of London.