by Ben Rickard | Nov 24, 2025 | Guarantees
On Monday, Chris Penk, Minister of Building and Construction, announced that the Government would be making 10 year guarantees compulsory for all new residential buildings of up to three storeys and for renovations costing more than $100,000 (incl GST). This is in...
by Ben Rickard | Feb 10, 2025 | Guarantees
Builtin is excited to announce the launch of a new completion guarantee for residential construction projects. The policy covers up to 10% of the contract value, to a maximum of $100,000. It provides peace of mind to homeowners (and their mortgage lenders) if their...
by Ben Rickard | Oct 23, 2024 | Guarantees
This is an opinion piece by Ben Rickard, director of a construction-focused risk adviser and insurance broking firm Builtin. Ben and Builtin have been providing insurance and risk advice to thousands of building businesses for more than a decade. He has made...
by Ben Rickard | Jul 1, 2021 | Bonds, Guarantees
The protection of retentions has been an issue in the construction industry for years, not just in New Zealand but globally. Amendments to the Construction Contracts Act a few years back put obligations on head contractors to protect those retentions by holding them...
by Ben Rickard | Mar 8, 2021 | Bonds, Guarantees, Insurance
A lot of insurance is tied to contracts, so it’s critical you understand what’s in your contract and comply with the requirements in there. Even if you use a standard contract, things might change and you need to be on top of this, or you might end up in hot water....
by Ben Rickard | Sep 10, 2020 | Guarantees
A COVID-19 related policy change earlier this year saw Kainga Ora begin to accept surety-backed bonds rather than just bank-backed ones. This has great benefits for contractors and accelerates a trend seen across the market towards bonds in lieu of retentions. If you...
