The Custom Build home warranty caters for the recent development of the custom build model endorsed by the government. It takes into consideration the transfer of interest that occurs at some point during the construction phase from the builder or developer to the self builder or custom builder. The cover provided responds to the various exposures and contractual obligations of a custom build. It protects the homeowner in the event the property suffers physical damage or the risk of physical damage as a result of a defect in the design, workmanship, or components of the home.
The Underwriter will refund the deposit paid by the customer or complete the home if the developer does not commence work on the custom build home as a consequence of incapacity or death of the developer or the due to the developer ceasing to trade. (Only included where individually agreed).
The custom build home is covered for 10 years from the date of completion, with the original builder or developer taking responsibility for contractual defects occurring in the first 2 years of cover. The policy protects the home owner in the event the developer ceases to trade post completion. Full risk transfer occurs in years 3 to 10 although this can be flexible.
The policy will indemnify the homeowner in respect of remediation expenses incurred in treating or isolating or removing any substance from the policy holder’s land in a controlled manner in accordance with the requirements of any statutory notice.
