40 finance & insurance Commercial vehicle insurance
A commercial insurance policy provides cover for any of the contractors’ cars, vans or heavy goods vehicles under the Compulsory Insurance Act (1969). While these are all necessities, there is also a range of extra cover options that many contractors could choose to invest in. These policies can serve to make contractors
more favourable in the eyes of prospective developer partners – since they can greatly reduce the risk of delays or serious impediments to the project at hand.
All Risks
If anything happens to the equipment needed to complete the works, contractors can end up having to replace them out of their own pocket. As such, All Risks policies cover a broad range of equipment from fire, theft or damage – whether they are on-site at the time or not. As with the standard All Risks policy,
a Plant, Machinery and Tools All Risks policy covers all the tools contractors need to carry out their job – from heavy plant to huts and hand tools. As contractors can vary greatly in the kinds of
work they carry out – most insurers permit a degree of customisation – allowing contractors
to include their motor and engineering policies under the same umbrella of cover. Given the high cost of replacing such
equipment, these type of policies, which effectively transition the burden of risk on to their insurers, tend to be highly popular with larger contractors especially.
Inspection contracts and plant protection
Under health and safety legislation, the onus is on contractors to ensure their equipment is safe and working to specification. Many insurers offer inspections from certified engineers, which is tied to their provision of cover – streamlining both prevention and the claims process should any equipment be at fault.
Structural defects insurance
Also known as a home builder warranty, structural warranty, structural insurance or latent defects insurance, is a special kind of cover used for new homes. Most new homes will come with a two-year
developer warranty period and during this period of time the developer in question will be responsible for putting right any issues covered under the warranty. However, structural defects insurance is
different to the two-year developer warranty typically offered on a new home by the builder. Instead a warranty is offered from a third party and usually lasts for a period of 10 years, with the issuing company responsible for any repairs needed from years three onwards. The reason a structural defects warranty is
important is that structural defects in new homes can take time to become apparent, which means structural faults can appear after the two-year developer warranty has expired. Should this happen, with the 10-year
home builder warranty in place, the homeowner will be covered for the costs to repair or rebuild the faulty aspects of the property. Usually structural defects specialists will help protect you against things such as faulty building materials like lintels or steel supports, a faulty architectural design of the home that leads to structural problems, or issues such as land contamination. It is important to always check exactly what you will be covered for. Mortgage lenders require that a structural
defects warranty is in place on every new build property before mortgages are approved. Once the build is complete the warranty passes from the contractor to the owner of the property. Remember to talk to your insurance advisor to
discuss the specific requirements of your house building project.
Enq. 164
Are you doing a Building Project in 2015?
t in 2016?
Have you thought about
your Structural Warranty?
Build-Zone offers 10 Year
Structural Warranties for any one doing a New Build, Development,
Renovation, Extension or Conversion. Build-Zone can also facilitate any
Technical Audits or Building Control survey visits you may need.
Visit the website
www.buildzone.com or Call the Team now on
0 Enq. 165 respond online at
www.hbdonline.co.uk Enq. 166
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