Building Warranties or Latent Defects Insurance are 10-Year Insurance policies obtained by Self-Builders, Property Developers and Contractors amongst others to provide protection in the event of structural defects during the first 10 years of a development being completed and successfully obtaining building regulations sign off.
Most mortgage lenders in the UK will require a Structural Warranty to be in place before they consider lending money to potential homeowners or refinancing an existing mortgage.
What does Building Warranties or Latent Defect Insurance Cover?
A Building Warranty or Latent Defect Insurance policy will protect against structural damage and any load bearing capability that may have a structural fault in the first 10 years after the build completion, however, some Commercial and Social Housing policies can provide cover for 12 years. Cover is assigned to the property providing security for any future purchasers within the policy period.
We offer a range of cover options for both New and Existing developments including:
- Self-Build projects
- New Builds
- Conversions (Including Barn Conversions)
- Completed Properties
- Commercial Developments
- Social and Affordable Housing
As an independent specialist building warranty broker we have built up a great working relationship with the main warranty providers in order to provide a speedy efficient solution to securing the best Structural Warranty coverage.
Do I also need Site Insurance?
A lot of people will assume their building contractor will have this covered, but that is not always the case. Site Insurance is necessary to protect your site against physical damage occurring throughout the construction phase, be it loss or damage to the build, materials, equipment and tools.
Most builders will only have public liability insurance which won’t cover issues such as storm damage, flood, arson, theft of materials or machinery to name a few. As a responsible site owner, you should consider liability to both members of the public and those that you employ for the build. Site Insurance policies cover your whole build from plot to completion!
Professional Consultants Certificates (PCC)
Professional Consultants Certificates (PCC) are an alternative option that are widely used for completed properties and conversion projects. These are Council of Mortgage Lender approved and last for 6-years from the date of the last inspection.
The benefits of a PCC are:
- Accepted by the majority of Lenders.
- Comply with the Council of Mortgage Lenders guidelines.
- Cost effective and speed of service.
- No 2-year defect period
Why Choose Konsileo for your Building Warranty Insurance?
Here at Konsileo we have the knowledge and experience to work with you to obtain the most relevant Structural Warranty for your project.
We have extensive knowledge of the construction sector and our transparent risk management approach, coupled with our industry expertise and solid Insurer relationships allow us to provide insurance solutions that meet your specific needs.
We insure a great deal of industries.
Looking to cover your business but not finding the industry you’re looking for?
Take a look at all the industry sectors we serve below.