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 work
Losses if the builder starts but doesn’t complete the building work
10-year cover for the full contract price, for structural defects including weather tightness issues, once the building works have been completed
10-year cover for the full contract price, for non-structural defects once the building works have been completed
If your builder fails to complete the building or rectify the defect we will step in and fix the problem. The cover extends not only to fixing any defect but also any damage to existing structures caused by the defect.
Additional Policy Benefits
Sub contractors and suppliers -Where the NZCB member is the head contractor, defects arising from materials and work supplied by subcontractors and suppliers are insured
Other damage -The cost to repair other damage to the house caused by the defect, up to the full policy sum insured
Alternative accommodation expenses -Up to 6 months’ reasonable alternative accommodation expenses while the house is being repaired
Professional fees -Surveyors, engineers, legal and other fees necessarily incurred to rectify the defect.
Guarantee transfer -The insurance automatically transfers to any subsequent owners of your house giving them protection also
Simple application process -Once you have signed the applications, you builder will complete the application on you behalf.
At Leonard Construction, we believe of all similar products on the market, you are getting the best cover both during your build and for 10 years on into the future.
Leonard Construction & Design
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