Building Warranty Insurance
MPW is able to arrange Building Warranty insurance/ Latent Defects insurance, whether you are a builder, homeowner or interested party.
What is Latent Defects insurance?
Latent defects insurance provides cover for the cost of remedying and rectifying damage arising from an inherent defect in design, workmanship or materials becoming apparent after practical completion. The cover provided is for the costs incurred up to the total sum insured (typically the full re-instatement value of the building).
Cover is generally available for between five and twelve years from the date of practical completion.
What are the key features and benefits of arranging latent defects insurance with MPW?
- Competitive premiums
- Council of Mortgage Lenders approved (all major UK Lenders)
- Cover can apply for 10 or 12 years, and include component failure.
- Cover available for conversions / renovations / mixed use developments
- Completed developments can be insured within 12 months of completion
- Existing structures can be included
- Full Technical Audit carried out
Finding peace of mind
Unfortunately, the quality of cover currently available can differ hugely from insurer to insurer and often builders and homeowners have no idea who their policies are placed with or whether the insurer is of investment grade security or a weaker “offshore” provider.
At MPW, we understand the need for greater clarity and trust in this sector, particularly in the wake of Alpha’s bankruptcy. So, whether you are a builder or homeowner, we have an insurance product that’s clear, comprehensive and competitively priced. You can also rest assured that we will place your insurance with an A-rated insurer.
Cover may be arranged by any party who has an interest in the property such as the owner or developer, the funder or an incoming tenant with an obligation to repair under their lease. may be extended to include loss or rent, loss of gross profit or revenue, increased cost of working, alternative accommodation and mechanical and electrical services and component failure.
MPW – Born into building
Over the past 30 years we have gained a reputation in the construction sector for understanding the challenges that our clients face, and then working closely with them to deliver insurance solutions tailored to their demands.
Our experienced broking team deal regularly with an array of trades and professions – ranging from house builders and design-and-build contractors to specialist trades such as basement contractors and underpinning and piling contractors – to provide cover and security for their building projects. And, while competitive pricing is important, so too is quality of cover, and this is where we will never compromise.