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What is Commercial Warranty?
Commercial Warranty protects the project owner against defective construction by essentially insuring the work performed. Warranties guarantee that any work defects found in the original construction will be repaired during the warranty period and If the contractor is unable to fix the defects, the owner will be repaid. Also, should the contractor default on the project by, for example, going out of business the owner will be protected. A Warranty Bond is a contract between an owner, a contractor, and a surety company.
At Surety Bonds, we provide specialist building warranty products, also know as Inherent Defects Insurance, to Developers and Contractor’s for every kind of commercial building project such as Retail, Industrial Units, Medical and Leisure to large Office Blocks.
Larger construction projects often require Decennial Liability (Inherent Defect Insurance). A Decennial Liability policy insures the company (the Principal) against material and direct loss due to total or partial collapse of the building caused by structural defects and serious structural defects that undermine the stability of the building. It also provides insurance against damage to third parties caused by accidents as a result of structural defects. The names derives from the fact that the policy generally lasts for a period of usually 10 years. It is not often required in Ireland.
Why get Commercial Warranty?
It secures the project owner, against any sub-standard work or materials that may be discovered during the agreed Warranty Period following completion of the project.
Who requires Commercial Warranty?
Main Contractors/ Construction Companies
Who is the beneficiary of Commercial Warranty?
To get started
Complete the proposal form. Download here
Last two years consolidated audited accounts
Up-to-date management accounts
Copy of planning permission
At Surety Bonds, our team will provide you with the guidance and expertise necessary to secure your requirements without delay. Contact us today and let us know how we may be of assistance to you.