1. Financial Security:

A structural warranty provides a safety net for unforeseen structural issues, offering financial protection against potential repair costs. This can be especially crucial for homeowners and developers looking to safeguard their budget and investment.

2. Peace of Mind:

Knowing that your property is covered by a structural warranty brings peace of mind. It assures you that in the event of structural defects, you won’t be left shouldering the entire burden of repair expenses.

3. Resale Value Boost:

Properties with structural warranties often have enhanced resale value. Prospective buyers are more inclined to invest in a property with a warranty, as it signifies a commitment to quality construction and maintenance. In fact most mortgage providers will insist on a warranty being in place.

Do You Need a Structural Warranty?

Determining whether you need a structural warranty depends on various factors, including the scale of your project and your long-term goals. If you are:

• Building a new home
• Undertaking significant renovations
• Developing commercial properties

…then a structural warranty is highly advisable.

Choosing the Right Warranty Provider

When considering a structural warranty, it’s essential to choose a reputable provider. Look for a company with a track record of reliability, excellent customer service, and comprehensive coverage.

In conclusion, the decision of whether you need a structural warranty boils down to the scope of your construction project and your desire for financial security. Explore our detailed resources to make an informed choice and ensure your investment is protected for years to come.

Discover more about the importance of structural warranties and make an informed decision for your construction project. Get in touch with us for personalised advice and explore the peace of mind that comes with a robust structural warranty.”

The Council of Mortgage Lenders (CML)

The Council of Mortgage Lenders plays a significant role in representing the interests of mortgage lenders in the UK. They worked on policy issues related to mortgages, provided industry guidance, and facilitated communication between lenders and other stakeholders, including the government and regulatory bodies.

Structural warranties are essential in the mortgage and construction industries for several reasons:

• Risk Mitigation
• Asset Protection
• Market Confidence
• Regulatory Compliance

In summary, the Council of Mortgage Lenders, or any similar industry association, may advocate for the use of structural warranties to protect the interests of both lenders and borrowers. These warranties offer a layer of assurance and risk mitigation, contributing to a more stable and secure mortgage lending environment. Always check for the latest developments and organizational changes in the industry.

When it comes to the provision of Latent Defect Insurance, you are in the right hands.

We can provide cover for all warranties including:

• Commercial property
• Residential houses including conversations/ refurbishments
• Self-build warranties
• Retrospective warranties for completed houses
• Building Control
• Also, more niche warranties for insolvencies and social housing.

what is the difference between a structural warranty and the NHBC scheme

Structural Warranty:

A structural warranty, also known as a new home warranty or latent defects insurance, is an insurance policy that provides coverage for structural defects in a newly constructed property. It is typically purchased by the developer or builder and serves to protect the homeowner against potential issues with the structural integrity of the property.

NHBC Scheme:

The NHBC is a private organisation in the UK that provides warranties and insurance for newly built homes. It is a non-profit company and one of the leading providers of structural warranties in the country.

In summary, while a structural warranty is a type of insurance policy providing financial protection against structural defects, The NHBC sets construction standards, registers builders, conducts inspections, and provides warranties, with a focus on ensuring the quality and durability of newly constructed homes. Developers may choose to purchase a structural warranty from providers like the NHBC or from any other provider to meet the requirements of industry standards and provide assurance to homeowners.

What Does A Structural Warranty Policy Cover?

The policy covers faulty design, workmanship or material problems or defects for up to a period of 12 years after practical completion, they are designed to cover the costs incurred to rebuild or rectify the property whether partially or in full. Unlike other policies such as Architect’s Certificates, Collateral Warranties and Professional Indemnity Insurance, a Latent Defect Insurance policy does not require proof of fault, just proof of a defect.

Cover Includes:

• Cover of the structural integrity of basements and car parks
• Cover against contaminated land
• Alternative accommodation,
• Additional costs
• Professional fees
• Removal of debris
• Ingress of Water

Things to Consider When undertaking a project

Both Developers and Contractors need to consider not only the requirements of the Council of Mortgage Lenders (CML) but that of their own exposure in these challenging times. Ask yourself what you would do if a defect was identified and the contractor employed to carry out the work was no longer trading, you would be liable to rectify the structural damage caused by defects or negligence and this could prove costly and cause undue stress even years after the project has been completed. Latent Defect Insurance is the most cost effective way of protecting your investment.

How Can We Help

Here at SB&G we have access to numerous leading insurers and exclusive schemes, so we are able to offer the most comprehensive quote to fit your requirements.

We can provide cover for all warranties including:

• Commercial property
• Residential houses including conversations/ refurbishments
• Self-build warranties
• Retrospective warranties for completed houses
• Building Control
• Social housing structural warranties.