If you’ve been asked by your client what guarantees you offer then it could be time to become Builtin Guarantee Accredited.
Builtin’s Guarantee is New Zealand’s best and most recognised independently-insured 10 year guarantee for residential construction. It covers tens of thousands of homes here and more than $2bn of residential property. Worldwide, the insurer behind the Guarantee covers 5 million homes from Europe to the Americas.
Having a guarantee in place also means that after the initial 12 month defects period ends the builder is also insured for the cost of rectifying future defects. So you can sleep easy!
BENEFITS FOR BUILDERS
- Meet your client’s needs by offering New Zealand’s best independently-insured 10 year guarantee
- It’s not compulsory – you choose which contracts you want to provide the guarantee on
- Built in protection from liability for defects, once your initial 12 month defects period expires
- No cost to become accredited and no ongoing fees – you only pay for the guarantees you provide
- Up to $10,000 cover to refund deposits paid for components if the supplier goes bust
HOW DOES IT WORK?
Accredited builders simply complete a guarantee application before the project starts and submit this to Builtin along with some supporting documentation and payment of the fee. The application must be co-signed by both parties to the building contract (ie. the building company and the home owner).
Once the application is approved we issue a Certificate of Guarantee to both parties, including a “waiver of subrogation” to the builder. This waiver is what ensures the builder won’t be pursued if a claim is made to fix defects that arise after the end of the initial 12 month defects liability period.
HOW CAN I BECOME ACCREDITED?
Accredited builders have to show that their business is financially sound and they have the appropriate qualifications and/or experience to manage residential building projects. There is an application form to complete, including supplying references and copies of documents such as the standard contract you use, your payment terms and your most recent financial statements.
Once we’ve assessed these, and assuming you meet our criteria, we will issue a Certificate of Eligibility, which is valid for 12 months, and you can begin to apply for Builtin 10 Year Guarantees.