Transcription
Policy DocumentNew Homes Version 7
1.INFORMATION During the first two years from the date of completion orthe date specified in the Certificate of Insurance theDeveloper is responsible for remedying Defects in theHousing Unit. Should the Developer unjustifiably refuseto remedy the Defect after the Conciliation Service hasbeen used and/or following receipt of a legally bindingdecision and/or fails to do so because of Insolvency thenthe Underwriter will meet valid claims under the Policy.See Sections 3.2 and 8 for details. The Housing Unit may be insured for a period of 8 yearsfrom expiry of the Defects Insurance Period against:The Policyholder is requested to read the Policy andCertificates. These are important documents. If anyinformation is not clear please contact the SchemeAdministrator.This Policy consists of: INFORMATION on Premier Guarantee for New Homes; DEFINITIONS detailing all definitions applicable to thePolicy; INSURING AGREEMENT giving precise details of thecover, as applicable, subject to variation by endorsement; ADDITIONAL EXTENSIONS detailing automaticextensions in cover to the Policy; EXCLUSIONS detailing exclusions that apply to the wholePolicy; CONDITIONS defining the terms that apply to the wholePolicy; FINANCIAL LIMITS detailing the maximum theUnderwriter will pay in the event of a claim under thePolicy, subject to the Indexation Clause detailed inCondition 5 of the Policy; CLAIMS NOTIFICATION PROCEDURES detailing theprocedures that should be followed when notifying a claimunder any of the sections of the Policy.The insurance cover provided by Premier Guarantee for NewHomes complies with:1)The minimum criteria for New Homes Warranties referredto in Regulations 8(h) and 8(i) of the Home InformationPack Regulations 2006and2)The Warranty Link Rule designation criteria as stated inAnnex E of Circular CI 46/2/46 September 2005 issued bythe Office of the Deputy Prime Minister.The Policy is subject to a number of definitions, conditions,exclusions and financial limits as detailed in the Policy. During construction by insuring any deposit paid oradditional costs incurred in the event of Insolvency orFraud by the Developer. See Section 3.1 for details.01B-001-7.00-050210the risk of Major Damage and a danger to health andsafety caused by a Defect in chimneys or flues. SeeSection 3.3 for details. the cost of any repair, replacement or rectificationcost as a result of a present or imminent danger tothe physical health and safety of the occupants ofthe Housing Unit because the Housing Unit doesnot comply with Building Regulations that appliedto the work at the time of construction, conversion,refurbishment or renovation works carried out under theBuilding Contract. See Section 3.5 for details.The Land owned by the Policyholder may be insured fora period of 8 years from expiry of the Defects InsurancePeriod against Remediation Expenses. See Section 3.4for details.Law applicable to this PolicyThe parties to a contract covering a risk in the United Kingdomare free to choose the law applicable to that contract. In theabsence of any written agreement to the contrary the lawapplicable to this contract shall be the law of England andWales.InterpretationWhere any word or expression is given a specific meaning thensuch word or expression shall, unless the context otherwiserequires, have the same meaning wherever it appears.The Quality of Your Housing UnitAll Housing Units insured by Premier Guarantee for NewHomes are the subject of a system of checks and inspections: The Developer and the Builder have to comply withBuilding Regulations and the authorised Building ControlBody involved inspects their work. These Regulationsare statutory requirements and are concerned mainly withhealth and safety, access for the disabled and conservationof fuel and power issues. The Developer has been issued with Premier Guarantee’sTechnical Manual. This sets out the functionalrequirements the Developer and/or the Builder has tocomply with when constructing a Housing Unit. Site Audit Surveyors will have completed inspectionsbefore the Certificate of Insurance was issued. Suchinspections are carried out to satisfy the Underwriter thatthe Housing Unit represents a normal risk for insuranceunder Premier Guarantee for New Homes. It should notIt is a Policy of indemnity and does not provide any cover for anylegal liabilities that the Policyholder may have to third partiesarising out of the use or ownership of the Housing Unit.Premier Guarantee for New Homes can providePolicyholders with protection in a number of ways as detailedbelow. It should however be noted that all sections of the Policymay not necessarily be applicable for each Housing Unit. TheInitial Certificate and Certificate of Insurance will detail theexact cover provided. Page 1 of 12
If the advice was given by MD Insurance Services Ltdand you wish to make a complaint please contact:be inferred that the inspections are for any other purpose.It is the Policyholder’s responsibility to ensure that a thoroughinspection of the Housing Unit is carried out prior to handover. If the inspection identifies any defects they should bereported to the Developer and remedied prior to completing thepurchase.The Complaints Officer,MD Insurance Services Ltd,2 Shore Lines BuildingShore Road, BirkenheadWirral, CH41 1AUNOTES The Building Control function will have been undertakeneither by Local Authority Building Control (LABC) or anApproved Inspector. Email: complaints@premierguarantee.co.ukTel: 0151 650 4343MD Insurance Services Ltd is authorised and regulatedby the UK Financial Services Authority.If LABC has carried out Building Control and a satisfactoryfinal inspection has been carried out by the Site AuditSurveyor a Cover Note will be issued, if requested, foreach Housing Unit confirming that cover under Sections3.2, 3.3, 3.4, (as applicable) is in effect.A copy of the MD Insurance Services Ltd ComplaintsProcedure will be provided on request.If advice was given by any other Financial ServicesAuthority authorised or approved intermediary youshould address your complaint directly to them.If Building Control has been undertaken by an ApprovedInspector and a satisfactory final inspection has been carried out bythe Site Audit Surveyor and the Approved Inspector has confirmed that they arenot aware of any circumstances that would restrict theirability to issue a Final Certificate2)The Complaints Officer,MD Insurance Services Ltd,2 Shore Lines BuildingShore Road, BirkenheadWirral, CH41 1AUthen a Cover Note will be issued, if requested, for eachHousing Unit confirming that cover under Sections 3.2,3.3, 3.4, 3.5 (as applicable) is in effect. A Certificate of Insurance will be issued in the name ofthe Policyholder after issue of the Cover Note providedthat a Certificate of Approval has been issued by the SiteAudit Surveyor and, if applicable, a Final Certificate hasbeen issued by the Approved Inspector. The Certificateof Insurance should be filed with the Policy. Extensions in cover at the time of issue of the Policy andsubsequent alterations will be confirmed by separateEndorsements, which should be filed with the Policy. ThePolicyholder should refer to these Endorsements and thePolicy to ascertain the precise cover in force at any time. This Policy is transferable to future owners of the HousingUnit provided that such owners contact the SchemeAdministrator to notify their details.Email: complaints@premierguarantee.co.ukTel: 0151 650 4343A copy of the MD Insurance Services Ltd ComplaintsProcedure will be provided on request.3)Email: complaints@premierguarantee.co.ukTel: 0151 650 4343As a Policyholder you have a number of options for makingcomplaints about your Premier Guarantee for New Homespolicy. These are listed below. Before making any enquiry orcomplaint please consider carefully the most suitable option toaddress your concern.orThe Complaints DepartmentAmTrust Europe Limited, Market Square HouseSt James’s Street, Nottingham, NG1 6FGIn all cases the Policy/Certificate number appearing in theCertificate of Insurance should be quoted.You may have received advice on the cover providedby Premier Guarantee for New Homes prior to takingout the policy. This advice may have been given by MDInsurance Services Ltd or another Financial ServicesAuthority authorised and approved intermediary.Page 2 of 12If you have any enquiry or complaint about theinsurance provided by Premier Guarantee for NewHomes this should in the first instance be addressedto:MD Insurance Services Ltd,2 Shore Lines BuildingShore Road, BirkenheadWirral, CH41 1AUNOTICE TO THE POLICYHOLDER1)MD Insurance Services Ltd also acts as the SchemeAdministrator for Premier Guarantee for NewHomes. If you have any complaint about the way inwhich MD Insurance Services Ltd has performed theduties as the Scheme Administrator please contact:AmTrust Europe Limited is authorised and regulated bythe UK Financial Services Authority.4)It is a requirement of Premier Guarantee for NewHomes that a Site Audit Surveyor carries outinspections to satisfy the Underwriter that eachHousing Unit represents a normal risk for insurance.
It should not be inferred that the inspections are for anyother purpose.cancellation must reach the Scheme Administrator, contactdetails are:If you wish to make a complaint against the SiteAudit Surveyor regarding the way in which they haveperformed their role you should contactScheme Administrator,MD Insurance Services Ltd,2 Shore Lines BuildingShore Road, BirkenheadWirral, CH41 1AUThe Complaints Officer,MD Insurance Services Ltd,2 Shore Lines BuildingShore Road, BirkenheadWirral, CH41 1AUA.Email: enquiries@premierguarantee.co.ukEmail: complaints@premierguarantee.co.ukTel: 0151 650 4343You should make any request for the cancellation of a policyin writing and any relevant Certificate of Insurance shouldbe returned to us or to the insurer concerned. In the event ofcancellation, charges for our services will apply as follows:Note: If after following the procedures set out in points 1to 3 above, your complaint has not been resolved toyour satisfaction, and you are an eligible complainantyou have the right to refer the matter to the FinancialOmbudsman, at the following address:Financial Ombudsman Service,South Quay Plaza,183 Marsh Wall,London E14 9SRAs construction contracts can be of varying duration and thereis always a technical audit, our fees will vary depending on thestage at which notice of cancellation is given. If Insolvencycover is applicable for the contract period, this will also be takeninto account when calculating any refund. If a third party has completed the proposal form orpaid the premium, you will not be entitled to a refund ofpremium or any other monies. The premium or any othermonies can only be paid back to the party who originallypaid the premium or any other monies and who still hasan insurable interest in the property.2)If you have completed a proposal form and paid thepremium you may be entitled to refund. This will take intoaccount the period where cover has been in force, plusan administration fee.The Financial Services Authority definition of aneligible complainant is: B.A consumer;A micro-enterprise which has a group turnover ofless than 1 million;A charity with an annual income of less than 1million;A trustee of a trust with a net asset value of lessthan 1 million.Any Financial Services authorised and regulatedintermediary, the Underwriter and the SchemeAdministrator are covered by the Financial ServicesCompensation Scheme. As a Policyholder youmay be entitled to compensation from the FinancialServices Compensation Scheme if any of these partiesare unable to meet their obligations.Further information about compensation schemearrangements is available from the Financial ServicesCompensation Scheme. Their address is:Financial Services Compensation Scheme,7th Floor Lloyds Chambers,Portsoken Street,London E1 8BNYOUR RIGHT TO CANCELYou have the right to cancel cover under Premier Guaranteefor New Homes. If you wish to cancel the cover you mustdo so within 14 days starting on the day after you receivePremier Guarantee for New Homes policy documents. YourCancellation following Certificate ofInsurance being issued1)Email: complaint.info@financial-ombudsman.org.uk Cancellation prior to Certificate ofInsurance being issuedBefore cancelling the cover please check with your mortgagelender because they may require you to have this cover or itsequivalent as a condition of the loan. Please remember alsothat if you sell the Housing Unit within the period of cover, apurchaser (and any lender at that time) will usually require thecover.If your Housing Unit includes Common Parts for which youare jointly responsible with owners of other Housing Units,your cancellation will apply to both the cover on your individualHousing Unit and the cover for your share of the cost of anyclaim relating to the Common Parts. So if you cancel yourcover, you will be obliged under your lease or title to contributeto the cost of repairs along with your neighbours.2.DEFINITIONSWherever any of the following words appear in bold in thePolicy wording they will have the undermentioned meaning.1.APPROVED INSPECTORAny person, sole trader, partnership or company authorisedby the Construction Industry Council who carries out BuildingPage 3 of 12
Control for the New Development and who is registered withPremier Guarantee.2.BUILDERAny person, sole trader, partnership or company who constructsthe Housing Unit(s) at the New Development.3.BUILDING CONTRACT10.The period commencing on the date specified in the Certificateof Insurance and ending:i)two years after such date;ii)for Common Parts the period commencing on theearliest date specified on a Certificate of Insuranceissued for a Housing Unit that shares the CommonParts and ending either three years from the earliestdate specified on a Certificate of Insurance or twoyears from the latest date specifi
The insurance cover provided by Premier Guarantee for New . and 8(i) of the Home Information Pack Regulations 2006 and 2) The Warranty Link Rule designation criteria as stated in Annex E of Circular CI 46/2/46 September 2005 issued by the Office of the Deputy Prime Minister. The Policy is subject to a number of definitions, conditions, exclusions and financial limits as detailed in the .File Size: 883KBPage Count: 16
