If you are a property developer or are a buyer looking at a new build home, there are a few things to consider. Anything can go wrong after a property has been built. Even well known house builders have produced sub standard houses. For this reason, it is essential that you have a guarantee such as an Architects Certificate or protection like Structural Warranty Insurance. This type of policy or guarantee is a safety net to fall back on should any defects or structural faults appear after the building is complete.
What is an Architects Certificate?
Architects certificates are now known as Professional Consultant’s Certificate from the Council of Mortgage Lenders. (cml.org.uk) This certificate is proof that an experienced architect visited the property during its construction. It states that the architect is liable for any structural errors for 6 years. It is also a guarantee that the architect is sufficiently covered by professional indemnity insurance.
This may sound simple enough but is it?
What’s there to worry about?
What happens if, after a few years, damage starts to appear on the property? Structural damage that wasn’t visible straight away now start to appear. There could also be problems with the weatherproofing or perhaps even the waterproofing that arise from a structural defect. This type of damage is very costly to fix. This is where the Architects Certificate comes in.
You may think that it will be easy to claim, however successfully claiming means that you have to actually prove negligence on the architect’s part. To sue them and win in court, could take many years. This is just one scenario. What happens if your architect is no longer practising or has gone out of business? If you want real peace of mind and 100% coverage on any potential future damage, Structural Warranty Insurance (also known as Latent Defects Insurance) is what you need.
What is Structural Warranty Insurance?
Structural Warranty Insurance offers 10 years protection. This insurance will cover the cost of repairs to your property or even a full rebuild if that is required. This cover will give you complete peace of mind because building warranty insurance responds to the problem immediately. Most importantly though, you won’t need to prove any negligence. To make a claim, you only need to prove that the defect or damage exists. Moreover, the Architects Certificate only covers any structural design issues whereas the warranty covers structural defects AND construction defects which gives the client coverage on a much wider scope.
It is easy to see that Structural Warranty Insurance is by far the better cover to have if you are developing new homes or about to buy a new build property. If you have any questions or are still unsure of what policy is best suited to your needs, don’t hesitate to call us.
Our team of experts have been in the field for over 30 years. With extensive knowledge and industry know-how, we can help you every step of the way.
Give us a call on 0207 731 3700 or drop us an email.