Basement Conversion Guarantees and Insurance

Basement Conversion Guarantees and Insurance

At Basement Conversion London, we believe it's very important to have guarantees and insurance in place. This safeguards our customers if anything goes wrong with your basement construction. Rest assured you will be covered. Take the following scenario, your basement starts to leak and the contractors who built it are no longer in business. In this dilemma how will you fix the problem? In addition, when you decide to sell the property buyers inquire about the guarantees in place. 

At Basement Conversion London, we advise our customers to take into account the following:

Builder Company Guarantees: This is the guarantee from the London basement conversion builders that the work undertaken will be free from any defects for the stipulated period. If any issue arises within this timeline due to poor workmanship or poor materials, the builder will be obliged to fix the problem at no extra cost.

Waterproofing Guarantees: These are usually divided into three categories, starting with:

The Design Guarantee: This covers the waterproofing design, ensuring it's fit for purpose.

The Product Guarantee: This covers the waterproofing materials used in the basement construction, assuring that they'll perform as expected for a certain period.

The Installer Guarantee: This guarantee is from the installer, assuring that the waterproofing system has been installed correctly.

Insurance Backed Guarantees (IBG): An IBG is an insurance policy that provides cover if the original contractor ceases to trade and is, therefore, unable to honor their guarantee. This could be due to any reason such as bankruptcy, liquidation, death, or retirement.

Latent Defects Insurance: This is also known as structural warranty insurance. This covers the cost of remedying structural defects that become apparent after the completion of the basement building project. These are defects that were not detectable at the time of completion and take time to appear on the surface.

Building's Renovation Insurance (Joint Names): This is the type of insurance taken out by the builder and the client together. It will cover the client and the contractor for any loss or damage to the works and site materials during the period of renovation. 

Each of the above forms of protection plays an important role in managing and deterring the potential risks involved in a basement conversion project. Always ensure that the necessary coverages are in place before beginning any