Build Assure, a trading name of the National Register of Warranted Builders, a subsidiary of the Federation of Master Builders (FMB), has launched a new insurance product to protect its members and general developers against financial loss arising from latent defects in new build properties.
The product, Build Assure New Home Policy, offers up to £10 million contract value per property protection and, for the first time, is not targete d solely at larger developments.
It is available to all FMB members and general developers, and can be purchased in relation to single properties, making it suited to the high net worth (HNW) individuals sector.
The product has been structured by Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corporation and is underwritten by Lloyd’s of London insurer Argo Syndicate 1200, and Swiss Re.
The latent defects product provides market-standard cover to policyholders, with a 12-month liability period in relation to structural defects. It meets the cost of rectifying errors in materials, design, workmanship, and specification, which are not apparent when the project is completed but which are discovered at a later date.
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