In construction, maintaining the durability and security of a building is crucial. A structural warranty is a significant factor within that process, offering assurance to builders, developers, and property owners and protecting them from structural defects following its completion. But what exactly does a structural warranty entail and why is it critical for both residential and commercial projects?
What is a Structural Warranty?
A structural warranty is a type of insurance policy that covers the structural integrity of a building. It typically lasts for a specified period, often 10 to 12 years from the completion date of the project. This warranty protects against defects in materials, workmanship and design that could lead to structural issues.
What does a Structural Warranty cover?
Structural warranties typically cover defects in the structural elements of a building, ensuring that the essential components maintain their intended function and stability. Specifically, a structural warranty often includes coverage for:
- Structural Defects, including foundations, columns & beams, external walls, external doors & windows and roof structures
- Ingress of water
- Drainage systems
- Subsidence and landslip
- The threat of imminent collapse requiring remedial works to prevent damage caused by a defect in design, workmanship or materials but not discovered before inception of cover
- Loss of deposits or insolvency
What are the benefits of a Structural Warranty?
- Financial Security: A structural warranty mitigates the financial risks associated with potential structural defects. For builders and developers, this means fewer unexpected costs, whilst for property owners, it translates to long-term savings and peace of mind
- Enhanced Marketability: Properties with structural warranties are more attractive to potential buyers who know that a property is covered by a robust warranty, reassuring them of its quality and durability
- Regulatory Compliance: Many UK lenders require a structural warranty before providing finance for a property. This makes having a structural warranty not just a benefit but a necessity for many projects.
How do I take out a Structural Warranty?
At Build Secure, we use our expertise to assess your unique needs and provide personalised advice on the most suitable coverage options. Contact us today to learn more about how we can support your construction project and provide peace of mind throughout.