BuildCover - builders mandatory insurance made easier.
Designed in collaboration with builders, BuildCover has been created to overcome the difficulties that builders face in proving eligibility for warranty cover. Benefits include fast turnaround of applications, minimal need for financial information, and a flexible cap on the number of projects underway at any given time.
For Domestic Builders, without the required insurance, you cannot apply for a building licence or quote on jobs. The frustrations in obtaining eligibility for Builder's Warranty insurance stem from many sources, including:
- Significant delays in getting eligibility approval from insurers.
- Bank bonds or guarantees are often required by insurers.
- Re-arrangement of the builder's finances may be necessary to obtain eligibility.
- A cash injection into the business may be required.
- Detailed and complicated application forms take up considerable time.
- Insurers often place restrictive caps on the number of projects you can carry out in a 12 month period, with the result that you may be unable to earn an income for several months of the year.
- Builders who take out insurance may discover soon thereafter that the insurer has left the market, and they have to begin the process all over again.