Warranties vs Insurance - which cover is best? - Planning & Building Control Today
- Date: 28/07/2015
Kim Vernau, CEO at BLP Insurance explains:
"There is, and always has been, debate in the construction industry around warranties and insurances and just which one is best under the circumstances. The truth is that both are just as important as the other. Simply put, a warranty promises that the manufacturer will fix a fault with a malfunctioning product. While an insurance policy promises that the insurer will pay to have that fault fixed.
"When choosing which cover to go for developers must consider which product would give them and the ultimate buyer or tenant the best protection if something were to go wrong with the property or development later down the line. In general terms, warranties and insurance on properties and their structural components both offer a ten year policy which transfers from owner to owner, and covers both new builds and conversions."
Read the full article on the Planning & Building Control Today website.