Guarantees and insurance for the building industry |
|
|
|
Commercial Construction Defects GuaranteeCovers buildings up to Contract Value of $5,000,000, and fully underwritten by Contractors Bonding Limited.
This newly developed guarantee covers major structural defects for 5 Years from the end of the Period of Defects Liability (Maintenance period) which is generally 3 to 6 months, and is well proven overseas (where it is known as inherent defects liability, latent defects liability or post construction liability) and will give builders a further edge to win commercial contracts for which you may be tendering
In the majority of circumstances, responsibility for defects in a building can usually be attributed to one or a number of parties involved in its construction (contractors, architects, engineers, product manufacturers etc.). The defects can be due to any combination of poor workmanship, incorrect or low quality materials and/or faulty design. Disputes often arise in assigning specific responsibility for defects, and there can be uncertainty over the ongoing financial resources of participating parties.
The Commercial Construction Defects Guarantee cover gives owners and other interested parties (such as mortgagees) confidence that in the event that there is a problem with the building, we will step in and repair the damage immediately, and later seek recovery from responsible parties.
The guarantee can be transferred to new owners if the building is sold and so we believe will have huge appeal to owners when selling their property.
A simple application form is available which will enable us to provide a quotation. The cover can be applied for at any time up until practical completion.
|
|
|
