LABC Warranty bolsters its A-rated insurer panel
We are delighted to announce we have added HSB to our panel of A-rated insurers, strengthening the insurance support we can give to builders and developers as they emerge from lockdown.
With an AM Best rating of A++ (Superior), HSB is a leading specialist provider of engineering and technology insurance. Part of the global HSB Group, HSB specialises in construction and equipment breakdown covers in the UK, which includes experience in Latent Defects and Machinery Inherent Defects insurance.
Our partnership with HSB will ensure both developers of new homes and their customers benefit from peace of mind and are assured of protection for the duration of their policy.
Jacki Goodman, Managing Director of LABC Warranty, commented:
“With many construction sites cautiously emerging from lockdown, the sector will welcome any good news at the moment.
“This partnership with HSB puts LABC Warranty in an excellent position to hit the road running as the construction market picks up after a very difficult few months. It enables us to extend the range of products and services we can offer in the warranty and building control markets via brokers and directly to clients and homeowners.
“Now that we are in this strong position we are also looking to bring some exciting new schemes to market that will help builders and developers to maintain a good supply of quality new homes.”
Stephen Worrall, Managing Director, HSB added: “We are delighted to be working with LABC Warranty to provide the construction sector with latent defects and machinery inherent defects insurance to their customers. By combining our specialist insurance knowledge and experience with LABC Warranty’s expertise in the warranty markets, we are building a strategic relationship focused on delivering customer-focused insurance solutions.”
Flexible cover available and new products made possible
The addition of HSB to our panel opens the way for us to expand our product offering through 2020 and beyond, to meet the evolving demands of the house-building sector as it emerges from the Coronavirus lockdown.
A new product we’re pleased to announce is Machinery Inherent Defects Cover (for 5 years from completion) as standard, which protects any mechanical and electrical services equipment against the risk of equipment damage from an inherent fault.
LABC Warranty offers a range of flexible latent defects insurance products for new-build homes, social housing, private rental schemes, commercial properties, high value schemes and self-build houses for projects across England and Wales. Core policies provide 10 or 12-year cover with standard limits up to £25m.
Supporting quality and embracing technology
LABC Warranty has invested heavily in new technology to provide the transparency and reporting required to support construction and have the flexibility to move quickly in response to changing industry needs.
Our partnership with New Homes Review enables us to analyse homeowners’ feedback together with construction data collected on sites through our handheld devices, and via claims learning. This drives the development of our own technical standards and training programmes to best support house builders and our shared commitment to quality construction.
Through our Extranet, customers can print their own certification and benefit from transparent and auditable services such as benchmark reporting on site performance – complete with defect trends analysis supported by photographic evidence, self-service administration and improved response times. Log into your Extranet account to explore these features.
To help champion best practice we will be introducing a site quality recognition programme shortly. Subscribe to our blog to receive updates.