{"id":82088,"date":"2020-11-04T13:53:37","date_gmt":"2020-11-04T13:53:37","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=82088"},"modified":"2022-04-21T12:35:19","modified_gmt":"2022-04-21T11:35:19","slug":"structural-warranty-build-zone-3","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/building-control-news\/structural-warranty-build-zone-3\/82088\/","title":{"rendered":"Build-Zone secures backing from second \u2018A\u2019 rated insurer"},"content":{"rendered":"<h2>Leading 10 &amp; 12-year <a href=\"https:\/\/www.pbctoday.co.uk\/news\/structural-warranty\/\">Structural Warranty<\/a> provider <a href=\"https:\/\/www.build-zone.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Build-Zone<\/a>, has secured capacity from a second \u2018A\u2019 rated insurer, following the recent announcement of their <a href=\"https:\/\/www.pbctoday.co.uk\/news\/building-control-news\/structural-warranty-build-zone\/77591\/\">deal with XL Catlin<\/a>, part of the AXA XL Group<\/h2>\n<p>The long term, exclusive partnership with global speciality insurer, <a href=\"https:\/\/www.fidelisinsurance.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Fidelis Underwriting Limited<\/a> (\u201cFidelis\u201d or \u201cFUL\u201d) enhances <a href=\"https:\/\/www.pbctoday.co.uk\/news\/tag\/sh-sennocke\/\" target=\"_blank\" rel=\"noopener noreferrer\">Build-Zone\u2019s<\/a> ability to insure Residential, Commercial, Mixed-Use, Build-to-Rent and Social &amp; Affordable Housing developments in the UK, up to \u00a3250m per single structure.<\/p>\n<p>The deal also enables Build-Zone, a trading style of Sennocke International Insurance Services, to underwrite risks located in Ireland via Fidelis\u2019 Dublin based entity Fidelis Insurance Ireland DAC.<\/p>\n<p>Fidelis\u2019 growing market presence was recently recognised as they won the \u2018Insurer of the Year\u2019 award at the prestigious Reactions London Market Awards.<\/p>\n<h3>Moving past turbulent times<\/h3>\n<p>Head of broking &amp; business development at Build-Zone, Joe Gooden, said: \u201cThe past two years have been a very turbulent time in the inherent Defects market.<\/p>\n<p>\u201cThe <a href=\"https:\/\/www.pbctoday.co.uk\/news\/building-control-news\/collapse-of-insurance-firm-alpha\/43949\/\" target=\"_blank\" rel=\"noopener noreferrer\">bankruptcy of Danish un-rated insurer Alpha<\/a> in May 2018 left thousands of CRL policyholders without cover and with no option but to purchase new Warranties, which of course came at an additional cost.<\/p>\n<p>\u201cTwo of the major insurers in the sector, AmTrust International and Canopius (Lloyd\u2019s Syndicate 4444) then took the decision to exit the market in 2019, leaving many Warranty providers without insurer backing.<\/p>\n<p>\u201cThis was compounded earlier this year when Building Life Plans (BLP) announced that their insurer, Allianz Global Corporate &amp; Specialty, would be terminating their long-standing partnership from the end of November 2020, leaving question marks around its future.\u201d<\/p>\n<h3>A robust solution for developers and contractors<\/h3>\n<p>Gooden added: \u201cHaving started the relationship two years ago, we have worked tirelessly with Fidelis to put in place a robust solution for Developers and Contractors, giving them the peace of mind that they are working with a financially strong outfit that is in this for the long term.<\/p>\n<p>\u201cSince the facility launched in mid-April, we have already looked at over \u00a34bn worth of projects across the length and breadth of the country with the largest scheme placed to date being \u00a397m.<\/p>\n<p>\u201cWe are seeing a common trend in the market at the moment where many of those providers that are left are restricting their capacity to \u00a325m per structure, which is leaving clients vastly under-insured. What sort of protection is a \u00a325m limit giving to a scheme that is greater than that in Contract Value?<\/p>\n<p>\u201cUnless you read the small print, it is not always easy to identify this issue and on numerous occasions we have seen clients purchase policies that simply are not fit for purpose.<\/p>\n<p>\u201cEverything we do at Build-Zone is on a Full Value basis, meaning that if your scheme has a Build Cost of \u00a3100m, you will receive \u00a3100m worth of cover &amp; protection for you, your Funders and your Buyers or Tenants.\u201d<\/p>\n<p>Gooden concluded: \u201cIn addition to being able to offer large amounts of capacity, we\u2019re also the only <a href=\"https:\/\/www.pbctoday.co.uk\/news\/building-control-news\/build-zone-structural-warranty\/80021\/\" target=\"_blank\" rel=\"noopener noreferrer\">Warranty provider<\/a> that can offer flexibility around the Defects Period the policy carries \u2013 the standard 24 months, like the NHBC (National House-Builders Council) reducing to 12 months to match most Contractor Maintenance Periods, or removing the Defects Period entirely, meaning cover commences at Practical Completion.<\/p>\n<p>\u201cAt the moment, with the effects of the global Covid-19 pandemic hitting the Construction industry and most others hard, Developers are concerned that they may not be able to sell units as quickly as they could pre Covid.<\/p>\n<p>\u201cAt Build-Zone, all of our products are available on either a 10 or 12 year policy period and we are seeing more clients choosing to pay the extra premium for an additional two years coverage so that if units take longer to sell, the buyer will still benefit from a policy that has over 10 years to run.<\/p>\n<p>\u201cIf you are a Developer, Contractor, Construction Professional or Broker and would like to discuss in more detail about how Build-Zone can assist you, please do get in contact with me on <a href=\"mailto:joe.gooden@build-zone.com\" target=\"_blank\" rel=\"noopener noreferrer\">joe.gooden@build-zone.com<\/a>.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p><em>Please note: this is a commercial profile.<\/em><\/p>\n<div class=\"mk-custom-module-container\">\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Structural warranty provider Build-Zone, has secured capacity from a second \u2018A\u2019 rated insurer, following the recent announcement of their deal with XL Catlin, part of the AXA XL Group.<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[306],"tags":[429,676,464,671,70338,392,19885,462],"stakeholder_rel_tag":[172517],"contributor_rel_tag":[],"class_list":{"0":"post-82088","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-building-control-news","7":"tag-building-control","8":"tag-construction","9":"tag-contributor-profile","10":"tag-insurance","11":"tag-pbc-today-november-2020","12":"tag-sh-sennocke","13":"tag-structural-insurance","14":"tag-structural-warranty","15":"stakeholder_rel_tag-sennocke"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Build-Zone secures backing from second \u2018A\u2019 rated insurer<\/title>\n<meta name=\"description\" content=\"Structural warranty provider Build-Zone, has secured capacity from a second \u2018A\u2019 rated insurer, following the announcement of their deal with XL Catlin\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pbctoday.co.uk\/news\/building-control-news\/structural-warranty-build-zone-3\/82088\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Build-Zone secures backing from second \u2018A\u2019 rated insurer\" \/>\n<meta property=\"og:description\" content=\"Structural warranty provider Build-Zone, has secured capacity from a second \u2018A\u2019 rated insurer, following the recent announcement of their deal with XL Catlin, part of the AXA XL Group\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.pbctoday.co.uk\/news\/building-control-news\/structural-warranty-build-zone-3\/82088\/\" \/>\n<meta property=\"og:site_name\" content=\"Planning, Building &amp; 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