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Structural warranty price increase


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Has anyone else with an LABC Warranty had a communication essentially asking for a premium increase?  As far as I can see they have changed their internal workings and are now trying to claw more premium out of existing customers who are not yet complete.

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I’ve just taken a professional certificate out for £1500 

Vast majority of banks seem to recognize them 

 

LABC seamed to take Ages to quote 

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53 minutes ago, nod said:

I’ve just taken a professional certificate out for £1500 

Is that basically getting an architect to sign off and paying of the liability insurance? We need a retrospective warranty and we're struggling to get anyone to quote. Buildsafe are taking months.

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The point I was trying to get across is that I have a policy already and am 2/3rds through my build yet they appear to be trying to change the rules.

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16 hours ago, Ralph said:

Is that basically getting an architect to sign off and paying of the liability insurance? We need a retrospective warranty and we're struggling to get anyone to quote. Buildsafe are taking months.

I had a quote for a retrospective warranty yesterday. The company was ABC+ Warranty, their website is architects certificate.co.uk. Saw them at Home building and Renovating Show last week. 

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18 minutes ago, Mjb said:

I had a quote for a retrospective warranty yesterday. The company was ABC+ Warranty, their website is architects certificate.co.uk. Saw them at Home building and Renovating Show last week. 

Thanks, I'll give them a try.

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15 hours ago, dnb said:

The point I was trying to get across is that I have a policy already and am 2/3rds through my build yet they appear to be trying to change the rules.


I had a different warranty but I was given a quote at the start and paid the entire amount as a single payment. The cost was fixed as far as I was concerned. You note that there has been a premium increase however so are you paying for the cost as you move through the build rather than upfront? Ultimately it will depend on what your policy docs say and whether it allows for the price to change once the quote has been accepted. Have to admit I assumed that warranty costs were fixed at the point of quote acceptance. There was a case a few years ago where the insurer went into liquidation and those who had policies were asked to pay more as the back end insurer had changed but this doesn’t appear to fit that criteria. 

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LABC appear to be trying to increase the sums insured on the basis of the increased costs of materials that's occurred since you started. Essentially they are saying you're underinsured now. Maybe get a quote for a part started build? Try Protek Warranty - they've opened their scheme again recently.

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