PEACE OF MIND FOR 10 YEARS
Builtin Announces New Guarantee Underwriter
With the withdrawal by Lloyd's of London from the market for builders guarantees Builtin has secured a new underwriter. Click here to read our press release.
Building a new home or making a significant alteration is probably the biggest investment you’ll ever make, and if anything goes wrong it could be the most costly too. The Building Act and Consumer Guarantees Act both include protection for consumers when undertaking building work. However, if the building company you’ve chosen goes bust, or something happens to your builder, this legislative protection is of no value whatsoever. That’s why it makes sense to have an independent, third party guarantee in place, just in case something does go wrong.
10 YEAR BUILDERS GUARANTEE – BENEFITS
BEFORE & DURING CONSTRUCTION
Refund lost deposit
Guarantee completion and pay additional costs to complete
Up to 15% of the contract price, to a maximum of $250,000
Covers defects for the 10 years, including weathertightness
Defects include the failure of products and materials and faulty workmanship
Up to the contract price, to a maximum of $1,000,000
Transferrable to a new owner – added value when seeking a buyer
Claims managed by an independent third party
Underwritten by the Southern Pacific Insurance Company (SOPAC), NAIC registration number 15659
Builtin New Zealand Limited is acting for the Underwriter, Southern Pacific Insurance Corporation, pursuant to the terms of a Binding Authority and is not an insurer. Accordingly, Builtin shall not be liable for any loss or claim whatsoever.