WWilts

Insolvency protection

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New build, main contractor. 

Interested in protection against builder going bust or dropping dead halfway through, owing us money. Insolvency protection insurance.

Any suggestions/recommendations for providers/ agents etc? Good experiences / bad experiences re insurance providers?

 



PS We plan to have CML certificate, no structural warranty.
 

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Unless you are thinking of selling 

A structural warranty is pointless 

CML is even more pointless as many lenders don’t recognize it HSBC for one 

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49 minutes ago, WWilts said:

...
Interested in protection against builder going bust or dropping dead halfway through,

...

 

Due Diligence, for the first bit - doctor's note for the second.

 

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Pay in stages and arrears (and retain say 5% of each stage payment for snagging).

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7 hours ago, nod said:

Unless you are thinking of selling 

A structural warranty is pointless 

Or remortgaging.

 

 

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21 minutes ago, SuperJohnG said:

Or remortgaging.

 

Yep an absolute fortune for a meaningless bit of paper 

Our Protec warranty guy spent ten minutes on his final inspection 

Just asked for the certificates 

They know you can never claim 

But we new we would be selling 

I would have been happier with an Architect cert Half the price 

But a friend who is a manager at HSBC and Hubby at the Cumberland said most won’t accept 

 

 

21 minutes ago, SuperJohnG said:

Or remortgaging.

 

 

 

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44 minutes ago, nod said:

 

 

It's a complete pisser.  Albeit I havent purchased mine yet...simply as protek still aren't selling them 6 months on. I refuse to pay sbz the extra cash. 

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FMB BuildAssure is the only policy which includes protection vs insolvency / default of the builder (if they are members of the FMB as our builder is). Build Assure cover includes 10 year structural warranty. However, they do not seem to be open to writing new policies at the moment.

 

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If you are feeling rich you can hire a Quantity Surveyor to make site visits during your build to value the work done to date and recommend how much you should pay the builder. He won't let you get to a situation where you have over paid for work done. If you decide to make a change they can also check the extra cost tbe builder quotes is reasonable. I dare say its an expensive service though. 

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7 hours ago, Temp said:

If you are feeling rich you can hire a Quantity Surveyor to make site visits during your build to value the work done to date and recommend how much you should pay the builder. He won't let you get to a situation where you have over paid for work done. If you decide to make a change they can also check the extra cost tbe builder quotes is reasonable. I dare say its an expensive service though. 

Good suggestion, and we had taken it on board earlier. Contract includes reliance on Estimators Online quantities, rates and prices. Else SPONS. 

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