New Home

A new home is an expensive purchase. How can a buyer really tell if it’s a peach or a lemon?

A builder or developer’s reputation is obviously pretty important. Beyond that a buyer will want a reliable safety net. BLP provides Building Defects Insurance for the structure (the “insurance” word is pretty important) and, in some circumstances, for the non-structural elements of a property.

BLP is approved by the majority of mortgage lenders. We’re easy to work with. And we won’t make a meal out of registration.

As a builder or developer, working with BLP brings a number of immediate benefits. Here are some of them:

The "insurance" word The "insurance" word 
 

	Most other products on the market are warranties. Those come with a 2 year exclusion period in which property owners have to seek redress for defects from the original builder.   BLP provides building defects insurance. The "insurance" word is important because you can read the terms of an insurance policy and know what you're getting.   BLP's products are different because a buyer can have access to insurance cover from day 1 following completion of the property*.   It also means no-one expects to chase the builder or developer if a defect appears. In fact, it means no-one expects a defect to appear in the first place.   (*except for water ingress claims, which are excluded in the first year following completion and so remain the responsibility of the builder during that time)

Truly flexible cover Truly flexible cover 
 

	You can get the structure insured for defects. That's the bare minimum that lenders need.   You can go further if you or your buyers want it. We can provide cover for premature failure for non-structural components. That's heating systems, lifts, and other non load-bearing elements.   You can also choose 10 years (lenders' minimum) or 12 years.   We can work with barn conversions and end-of-terraces. We'll consider schemes up to a year post-completion. And we're pretty content with refurbs and conversions provided that a significant proportion of the eventual rebuild cost is new structural work.

You can mix it how you want…residential, commercial, mixed tenure You can mix it how you want…residential, commercial, mixed tenure 
 

	We offer residental policies. We also offer commercial property policies.   If the scheme is part residential and part commercial, it's still one scheme to us. One proposal form, one technical consultant, one price, one insurance policy. Most importantly, one insurer.   You can tailor the cover for different parts. Like: wider cover for the residential and structure-only for the commercial. Or vice versa. Include a social housing element if its relevant. Different excesses. One policy for a whole scheme, however large the blocks. Or break them up to suit your clients.   And, include your whole construction team so that any defects in design and workmanship are all covered in one place.

No bonds, indemnities or deposits, whoever you are No bonds, indemnities or deposits, whoever you are 
 

	Because we are not expecting to claim anything back from a builder or developer, we don't need a bond, indemnity, or deposit.   And we don't have a clause in our agreement that gives us the right to spend your money for you.   It doesn't matter to us how big or small your company is, how long it's been trading, or whether it has been set up specifically for a scheme or building project.

Full value cover on large structures, however large Full value cover on large structures, however large 
 

	Sometimes builders or developers underinsure their schemes. This is usually because they think cover is not available for the full construction value.   With BLP there need be no shortfall on the cover. This means that large schemes are covered fully and individual buyers within them do not face pro-rating or underinsurance for their particular property.

Do away with collateral warranties for defects Do away with collateral warranties for defects 
 

	Contractual Spaghetti.   It's pretty tiresome for builders and developers to have to get collateral warranties from their designers, builders and subcontractors. And these people rightly need to involve their PI insurers.   When you need to rely on the warranty, the first thing you have to do is prove fault. Then, if the responsible party is still in business, they and their insurers have to agree. Hopefully, the claim is within the limit of the warranty.   You can cut through this spaghetti. If there is a defect in the design or workmanship on the property, the insurance cover can be in place irrespective of who was at fault. No need to prove fault or fight anybody. The damage will form a claim under the policy.

This is a very compelling alternative to “traditional” new home warranties. If you need more persuading, just call us on 020 7204 2424.