Mitigating risk and maximising value with ICW

Mitigating risk and maximising value with ICW

In today's shifting construction landscape, housebuilders and developers face a wide range of challenges, from escalating material costs to increased scrutiny on build quality. While structural warranty cover is an essential requirement for compliance and marketability, truly understanding and managing risk while achieving value for money goes far beyond simply securing the cheapest premium. With an increase in the number of warranty providers in the market, it's important to understand what factors to consider when choosing comprehensive cover.

Building warranties - understanding your coverage

The terms structural warranty, building warranty, inherent defects cover and latent defects insurance are commonly used within the industry, but as with any insurance policy it's vital to understand what's covered and what isn’t. Each policy will have distinct sections of cover including the building period, the defects period and structural insurance period, along with provisions for contaminated land, options on deposit cover and any exclusions. Having a good understanding of the policy and specific areas of cover will enable purchasers to evaluate options on a like for like basis, to ensure that each project has the comprehensive cover required.

Choosing a reputable and financially sound insurer is paramount, especially given that claims can arise years down the line. ICW is proud to work with a financially secure A-rated insurance partner, with a long-term agreement in place providing housebuilders with confidence and security.

Value-added services and proactive support

At ICW, we believe in offering value-added services and risk management support that can help ensure good quality build projects and mitigate against issues occurring. This includes technical support, risk assessments, and valuable insights, all designed to proactively safeguard your projects.

A robust warranty, coupled with proactive support from a partner such as ICW not only protects your project against risk, but the additional services also enhance customer satisfaction, reinforcing your commitment to quality and integrity.

Ultimately, housebuilders should view structural warranty insurance not merely as a necessary expense, but as a tool for comprehensive risk management, enhanced customer satisfaction, and long-term business success.

The benefits of early engagement

Engaging with your warranty provider early in the project lifecycle can yield significant rewards for housebuilders and developers. Pre-construction or as early in the process as possible is the ideal time to discuss any project. Developers who secure a structural warranty early in the planning stages benefit in several key ways.

• Facilitate financing: Mortgage lenders generally require a structural warranty for new builds or conversions before releasing funds.
• Manage risk on your project: Working with a structural warranty provider can significantly mitigate the developer's long-term liability, providing invaluable peace of mind.
• Enhance marketability: A structural warranty provides a strong assurance of quality and reliability to potential buyers.
• Depending on your project's specific requirements, you might need to secure a road or sewer bond. ICW can also assist in arranging a range of bond types, providing a consolidated approach to your project's needs.

By choosing to partner with ICW, you can more easily navigate the complexities of construction. Contact us today to speak to our local team and get a quote for your next project.