10 Year Residential Guarantee; One of the most Comprehensive Independent Residential Guarantees in the business
You wouldn’t buy a new car without a warranty, so why build your new home without one?
Today, people building new homes need to know they are building with people they can trust. Your builder’s reputation and workmanship may speak for themselves. That’s why you’re building with them, right?
Building a new home is probably the biggest investment you’ll ever make, and if anything goes wrong it could be the most costly too. It makes sense to reduce your risk by having a guarantee in place, just in case something does go wrong.
Members of the Certified Builders Association of New Zealand must make their customers aware that they can apply for a ten-year independently insured guarantee when building a new home. For alterations and additions the builder can also apply for a guarantee, at the customer’s request.
What are the benefits of having 10 Year Residential Guarantee Insurance?
Prior to completion of works:
If due to death, disappearance, insolvency or fraud of the Builder or early termination of the building contract (due to the Builders wrongful failure or refusal to complete the works then:
If the Builders does not start the works at all
After completion of the works:
If due to the Builders failure to supply materials in good order and fit for purpose, carry out the works in a proper and competent manner in accordance with the council approved plans and specifications results in a defect then:
Does the 10 Year Residential Guarantee cover all types of building?
Yes, the guarantees cover all types of building contract.
How do I obtain an 10 Year Residential Guarantee?
Your Certified Builder will help you lodge an application for a guarantee with BrokerWeb Risk Services Limited at the time the building contract is signed, and before construction begins. They will send the owner a Guarantee Certificate and written confirmation that the guarantee is accepted.
What are the obligations of the owner and the builder under the guarantee?
There are a number of obligations or conditions under the guarantee including payment of the guarantee fee, frank and honest disclosure, not to make excessive advance payments, to notify BrokerWeb Risk Services Ltd of major variations, prompt notification of claims, preservation of the owner’s rights against the builder, compliance with the building contract and the building code, acknowledgment of practical completion, using only approved builders, maintenance of the dwelling or works, and mitigation of any damage or loss, as approved by BrokerWeb Risk Services Ltd. Full details and obligations of the builder and owner are set out in the written guarantee document.
Who are Lloyd’s of London?
Founded in 1688 in a coffee house in London, Lloyd’s of London is the oldest and one of the largest insurance underwriters globally; underwriting insurance risks right throughout the world.
Lloyd’s is recognised as the leading market for specialist insurances and the natural place for the 10 YEAR RESIDENTIAL GUARANTEE INSURANCE SCHEME to be placed. Unlike many other insurance underwriters Lloyd’s is not a company; it’s an organisation where members join together as syndicates to insure risks.
Lloyd’s financial strength comes from its unique capital structure, underpinned by its members, which provides excellent financial security to policy holders. Lloyd’s currently has a financial rating of ‘A+’ (Strong) from Standard & Poors and an A M Best ‘A’ (Excellent) rating.
Who are Archer Group Limited?
Archer group Limited are what is known as a Coverholder at Lloyd’s. AGL acts as the agent for Lloyd’s in New Zealand for the 10 YEAR RESIDENTIAL GUARANTEE INSURANCE SCHEME; issuing policies and managing claims on behalf of the Lloyd’s syndicate who are the insures of the scheme.
Who are BrokerWeb Risk Services?
BrokerWeb Risk Services Ltd the largest New Zealand owned insurance broking company operating in New Zealand with its head office in Auckland and branch offices throughout the country. 10 YEAR RESIDENTIAL GUARANTEE INSURANCE SCHEME will be serviced by the BWRS Tauranga office. It will also provide the interface with Archer Group Limited (as the Lloyd’s coverholder) arranging the insurance covers and attending to claims on behalf of the CBANZ builder members.
Renew Renovations are Certified Builders
The Certified Builders Association of New Zealand Inc is a community of craftsmen and was established in 1998 to recognise and promote qualified builders. Unless the builder is trade qualified they cannot become a member of the Certified Builders Association.
One of the main objectives of the Certified Builders Association of New Zealand Inc is:
“To provide New Zealand consumers with the assurance that our members are trade qualified builders who adhere to strict guidelines for standards of workmanship and business practice.”
Our long standing experience in the building industry means that no renovation is too big or small for our team of highly skilled and qualified builders.
Renew Renovations are based in the Bay of Plenty with a team of highly skilled builders that take great pride in their workmanship.
• Design to construction
• Second storey additions
• Full internal house renovations
Our renovation process is broken down into 6 steps so you know what to expect at each stage of your renovation project.