Build Assure, a trading name of the National Register of Warranted Builders, a subsidiary of the Federation of Master Builders (FMB), the largest trade association for the SME sector in the UK construction industry, today launches a new insurance product which protects 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 targeted solely at larger developments.
It is available to all FMB members and general developers, and can even be purchased in relation to single properties, making it ideally suited to the high net worth (HNW) individuals sector.
The product has been structured by Aon Benfield 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 the additional benefit of 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.
David Hill, Director of Build Assure, said: “More than 2,000 FMB members are involved in new build projects of various sizes, and we believe this product will be of enormous benefit to them, providing peace of mind and financial security should latent defects come to light after completion of the job.”
Kurt Cripps, Account Executive at Aon Benfield, said: “In structuring this product, Aon Benfield has sourced the highest quality cover from the world’s leading insurance markets. Both Argo Syndicate 1200 at Lloyd’s of London and Swiss Re are hugely experienced in all types of liability cover, and offer the highest level of financial security available in the global insurance markets today.”
