What does the Guarantee Insurance cover for the Homeowner/Property Owner?
The Halo 10 year Residential Guarantee Insurance will provide cover to the Property Owner for:
- Loss of deposits if the builder doesn’t start the building
- The builder starts but doesn’t complete the building
- 10 year cover for the full contract price, for structural defects including weather tightness issue, once the building works have been
- 10 year cover for the full contract price, for non-structural defects as prescribed by Section 362 if the Building Act, once the building works have been
because of the Builder’s failure to carry out the works in accordance with all laws and legal requirements including the Building Act 2004 and the Consumer Guarantees Act 1993.
The Insurance also provides cover for:
- Full Contract Sum Insured. The sum insured will be the full contract price meaning full cover is
- Alternative Accommodation Expenses. The policy will pay for the property owner’s reasonable accommodation if necessary while the rectification works are carried
- Builder First Party Indemnity The insurance automatically provides an indemnity to the builder after the first 12 months of the 10 year guarantee period meaning the insurer will take over the warranty dispute from the builder, negotiate with property owner and pay the cost to remedy the defect.
So for us at Leonard Construction, we believe you are getting the best cover both during your build and for 10 years on into the future.