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As part of a continuing campaign against cowboy builders, the Federation of Master Builders is to launch a new warranty scheme that provides a ten-year insurance-backed warranty. The new scheme, called MasterBond, is a first for the building industry. It covers house extensions and loft conversions and includes central heating installation, double glazing work and other structural and decorative work when part of a larger contract.
MasterBond offers consumers valuable low cost benefits that include:
- Protection against loss of deposits if a builder goes bankrupt.
- Insurance cover of up to 25% of the contract price or £10,000 (whichever is the lesser) to cover additional costs for completing the job if the builder goes out of business.
- A two year comprehensive initial warranty period.
- A further eight years' cover against structural damage.
For this extra assurance, customers pay a small, one and half per cent, premium on the total cost of the work. For example, £75.00 on a £5,000 job. This covers them for all agreed defects whether due to faulty workmanship or materials.
The scheme also provides a free dispute resolution service, backed up by independent arbitration. Should the builder refuse to correct agreed defective work notified in the first five years, another builder would be appointed to make good the work. In the second five years insurers will deal with the customer.
Ian Davis, Director General of the Federation said:
"MasterBond provides extra piece of mind for the customer. It is an extra service that is offered by the professional builder and helps him to differentiate himself from the rogue trader."
The new scheme is just one of a number of initiatives being developed by the Federation, points out Mr Davis:
"With MasterBond comes advice and information to customers and a new simple English contract for them to use. Our next initiative will be the launch of our extended quality scheme, backed by blue chip sponsors, aimed at finding Britain's best builders."
"We'll follow that with a new code of practice and complaints procedure and there are other future plans aimed at making life difficult for the cowboy builder. These initiatives complement the Government's plans to raise the quality of building work and to protect consumers against rogue traders."
However, he warns that the customers can do much to protect themselves:
"If customers decide to take the risk and employ a cash-in-hand, no-questions-asked cowboy then they will probably regret it. Employing a reputable builder who can offer an insurance-backed guarantee will ensure the job goes well."
Further Information
For further information on the MasterBond Warranty Scheme, please contact Ian Davis on 020 7242 7583.
First posted: 24 March 1999. Last modified: 24 March 1999.
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