NEW HOME & RENOVATION BUILDING WARRANTY

The team at Style Plus recognise that the renovation projects deserve the protection of a building warranty just as much as a new build.

10 YEAR BUILDING WARRANTY

In this article the Style Plus team reviews the 10 year warranty from Stamford Insurance for any Style Plus renovation, re-clad and new build projects. There is added security knowing that Stamford is underwritten by Llyod’s of London.

• 10 year warranty from Stamford
• What is covered under our standard 10 year warranty.
• Lloyd’s Insurance.
• How do I obtain a Stamford building warranty for my renovation, re-clad or new build.

Design & Build Builders

10 YEAR WARRANTY FROM STAMFORD

Undertaking a new building or renovation project is a challenging time and can be immensely enjoyable or thoroughly frustrating. The team at Style Plus recognise that the renovation projects deserve the protection of a warranty just as much as a new build.

Owners of leaky buildings and others carrying out extension or renovation projects can now obtain a 10 year warranty from Stamford Insurance to cover the new works.

The warranty is transferable to a new owner, making it likely that the current owner should be able to sell the property at a more attractive price.

WHAT WE COVER UNDER OUR STANDARD 10 YEAR WARRANTY

1. Loss of Deposit due to Developer Insolvency

If you lose your deposit before work commences we will pay the lesser of 10% of the Contract Price or $100,000.

2. Increased Costs if Developer fails to complete

If the Developer fails to complete your project due to Insolvency after work has started we will contribute to any increased costs to complete your home the lesser of 10% of the Contract Price or $100,000.

3. Defects Insurance Period – 2 years

For the 2 years following completion your developer is responsible for rectifying defects in the property. If the developer fails to remedy defects in your home for which he is responsible during the 2 year maintenance period we will pay for another builder to carry out the works.

4. Structural Latent Defects – 8 years

For a further 8 years from the end of the defects period we will pay to rectify certain structural defects in your property, including weather-tightness issues.

5. Total Indemnity Period from date of Completion 10 years.

The Limit of Indemnity under sections 3 and 4 of the policy is the Declared Project Value as stated in the policy, adjusted for inflation in accordance with the Statistics New Zealand Residential Building Price Index.

LLOYD’S INSURANCE

As the underwriters, Lloyd’s is the world’s specialist insurance and reinsurance market, bringing together an outstanding concentration of underwriting expertise and talent. It is often the first to insure emerging, unusual and complex risks.

Around 80 syndicates are underwriting insurance at Lloyd’s, covering all classes of business. Together they interact with thousands of brokers daily to create insurance solutions for businesses in over 200 countries and territories around the world. Lloyd’s insures the majority of FTSE 100 and Dow Jones industrial average companies.

Lloyd’s enjoys strong financial security supported by excellent ratings.

HOW DO I OBTAIN A STAMFORD BUILDING WARRANTY FOR MY RENOVATION, RE-CLAD OR NEW BUILD

As a preferred builder for Stamford Insurance, the Style Plus project manager will lodge an application with Stamford Insurance using a Project Notification Form (PNF), for a building warranty. This process is undertaken at the time the building contract is signed, and before construction begins. Assuming Stamford Insurance approves the application; they will provide a quotation for the cover.

Book your consultation today and kick start your renovation project!

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Whilst all information is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact on the accuracy of the information. The information may change without notice and Style Plus is not in any way liable for the accuracy of any information printed and stored or in any way interpreted and used by a user.