What is a MasterBond warranty?
The MasterBond warranty is an insurance product that protects you against your chosen builder going into liquidation or otherwise ceasing to trade. If your builder refuses for defined reasons to finish your building project, your MasterBond policy also ensures that the works are completed in accordance with your agreed specification.
What type of cover is available?
Each warranty policy offers protection against loss of deposit and/or liquidation during construction up to 10% of the insured value of the works. You can choose from the following policies, each varying in the length of cover they offer:
MasterBond 2
MasterBond 2 is our entry level warranty specifically tailored in the terms of time periods to cater for those smaller developments where additional assurance is required in order to protect your investment. The product may also be used for larger developments where a cost effective short term warranty solution is required. MasterBond 2 will provide:-
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Six months protection against structural defects or faulty workmanship resulting in your building failing to comply with regulations or codes of practice or matters which create a danger to the health and safety of the occupants as defined by the policy.
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Eighteen months protection against structural damage and water ingress or matters which create a danger to the health and safety of the occupants as defined by the policy.
MasterBond 6
MasterBond 6 is the mid range warranty and is suitable for all types of development ranging from the smallest porch or internal alteration up to large extensions or loft conversions. The warranty provides the same levels of protection as MasterBond 2 but the period of cover is much greater. MasterBond 6 will provide:-
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Two years protection against structural defects or faulty workmanship resulting in your building failing to comply with regulations or codes of practice or matters which create a danger to the health and safety of the occupants as defined by the policy.
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Four years protection against structural damage and water ingress or matters which create a danger to the health and safety of the occupants as defined by the policy.
MasterBond 10
MasterBond 10 is the flagship of the warranty portfolio and provides cover to your development at similar standards to those which you would expect from a new house. The cover is for a full ten years and yet the cost is still only modest by comparison. MasterBond 10 is suitable for those that require long term protection and wish to add value to the property. MasterBond 10 will provide:-
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Two years protection against structural defects or faulty workmanship resulting in your building failing to comply with regulations or codes of practice or matters which create a danger to the health and safety of the occupants as defined by the policy.
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Eight years protection against structural damage and water ingress or matters which create a danger to the health and safety of the occupants as defined by the policy.
MasterBond Northern Ireland (grant work only)
MasterBond NI has been specifically developed to accord with the Northern Ireland Housing Executive (NIHE). MasterBond NI will provide:-
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Six months protection against structural defects or faulty workmanship resulting in your building failing to comply with regulations or codes of practice or matters which create a danger to the health and safety of the occupants as defined by the policy.
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Eighteen months protection against structural damage and water ingress or matters which create a danger to the health and safety of the occupants as defined by the policy.
How do I apply for cover?
To apply for a MasterBond Warranty both builder and client simply need to complete a Proposal Form (PDF, 258 KB) and send it to the NRWB, 4 Brooklands Avenue, Cambridge, CB2 8BB with the relevant premium cheque and a full schedule of works. Don't forget to include any plans and/or structural calculations that are applicable to the work.
You can even send this free of charge by putting ‘Freepost RRSK-HHGC-RCYT’ before the address on your envelope!
Alternatively payment can be made over the telephone which will speed the registration process by at least one week.
In return you will receive your Certificate of Insurance. Work in progress cover will commence at the start date and runs until NRWB are informed of pratical completion via the Completion Document. Your 2, 6 or 10 year warranty will commence on completion.
Please note if your Certificate of Insurance requires amendment there will be a £25 administration charge. Relevant additional premiums and schedules will be required where contract values have increased. An amended certificate will be issued.
NRWB cannot accept retrospective applications and all forms should therefore be submitted prior to commencement of the works or during construction to avoid dissapointment. It can take a maximum of two weeks to receive your certificate after submitting a proposal form.
