What is LABC Warranty
cover and when does it start?
The cover is a ten-year insurance policy divided into three main
parts:
- Building Period
- Defects Insurance Period
- Structural Insurance Period
Please refer to your Certificate of Insurance for details of
these cover periods.
Building period
If, due to fraud or insolvency, the developer does not commence
building your home or fails to finish it, LABC New Home Warranty
will reimburse money you have paid the developer for the home that
cannot be recovered from him. If the property is not finished, LABC
New Home Warranty can arrange for the property to be
finished.
Both of the above are subject to the financial limits set out in
your policy.
Defects insurance period
The LABC New Home Warranty covers you against any physical damage
to the home caused by a Defect that results from the developer
failing to meet current national standards or those set down in our
Technical Manual.
During this period the developer is responsible for repairs to
specified defects. You must report any faults to the developer in
writing as soon as possible, and you should keep a copy of your
letter. LABC Warranty can also help arrange the remedial work
needed to put things right if the developer fails to do so. If the
developer and builder are insolvent, then LABC Warranty insures
their obligations.
Structural insurance period
LABC New Home Warranty covers you against the full cost of putting
right any physical damage to your home caused by a defect in any
one of the specified parts of the building (if it is more than the
Excess indicated in the Certificate of Insurance).
Please remember that during the structural insurance period, this
part of the LABC New Home Warranty policy does not cover items such
as gutters, central heating,
internal plaster finishes, fixtures and fittings etc. Nor does it
cover you against any claim that is insured elsewhere, or by your
household insurance policy (e.g. storm damage to roof tiles).
