BLP Insurance calls for common industry standard as it launches code to protect consumers buying new builds


  • Date: 06/07/2016

BLP Insurance calls for common industry standard as it launches code to protect consumers buying new builds

BLP Insurance, the specialist residential and commercial insurer, has received Stage 2 Approval from the Trading Standards Institute (TSI) for the BLP Code of Practice for the Sale of New Homes, a hallmark for consumer protection and best practice in the construction industry.

The BLP Code for the Sale of New Homes (the ‘Code’) is mandatory for  those t builders and developers who purchase and provide a BLP insurance policy for  the sale of  a new build home. The Code offers consumers protection by providing assurance that best practice has been followed in the marketing, selling and purchase of new build homes.

Kim Vernau, CEO, BLP Insurance, said: “For most people buying a new home is the biggest single purchase they will make in their lifetime.  The BLP Code for the Sale of New Homes provides a process that gives consumers assurance that best practice has been adhered to throughout the marketing, selling and purchase of their new home.”

“We’re proud to receive CTSI Stage 2 approval for the BLP Code to  support best practice and drive  improved consumer protection. A further objective would  be a common industry standard  that applies to the marketing, selling and purchase of new homes across the  housing industry”

Leon Livermore, Chief Executive at the TSI, said: “In achieving Stage 2 approval, BLP Insurance has proven to maintain exceptional levels of customer service and going the extra mile by providing above and beyond the required standards. Homebuyers and mortgage lenders need confidence around the housing market and this code aims to provide exactly that.”

The objective of the Code is to ensure that buyers are:

  • Fairly treated by the home builder;
  • Reassured that the home builder is a legal entity and acting professionally;
  • Aware what quality of construction to expect for the home;
  • Aware what service levels to expect from the home builder;
  • Informed on how to manage the home and address any problems that may arise;
  • Given clear and honest information from the home builder at the right time upon which to base their decisions;
  • Provided with a clear procedure for dealing with service calls and any matters of dissatisfaction or complaint.

The Code’s Dispute Resolution Scheme will also apply to complaints made by second and subsequent buyers of the property in respect of after sales matters provided those complaints are reported within two years of the date of the start of the BLP insurance. The Dispute Resolution Scheme provides for a range of sanctions for non- compliance in the event that a builder is found to be in contravention of the Code. Sanctions include BLP Insurance’s right to refuse to quote for new business from a Home Builder who does not comply with the Code and to advise other home warranty providers of the breach where the breach is deemed serious by the independently appointed Disputes Panel.

The BLP insurance policy is underwritten by Allianz Global Corporate & Specialty SE, an AA rated global insurer.

Ends

Further details on the BLP Insurance Code for the Sale of New Homes are available on the website:
http://www.blpinsurance.com/how-you-benefit/builders-developers/blp-code/

For further information please contact:
Four Broadgate
Mark Knight, Alba Redondo and Roya Abbasi
Telephone:  020 3697 4200
Email: BLPInsurance@fourbroadgate.com

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