WHY A MASTER BUILD GUARANTEE?
The Guarantee covers three key areas:
-
Completion Cover - you will be covered either for loss of the deposit if the building hasn't started (up to $20,000), or for noncompletion if the house or work isn't finished (up to $40,000).
- Builders Cover - this means you will be protected against any defects in workmanship and materials, or structural elements, for 2 years after completion of the building underwritten by Master Build Services.
- Limited Structural Cover - as an added measure, Master Build Services covers you for defects in specific structural elements of the building work for 5 more years after expiry of the builders cover.
- The Maximum total payout for all cover is$100,000. (Cover includes GST)
WHAT'S COVERED?
The Guarantee covers Full-contract, Labour-only and Managed Labour-only work carried out by a Registered Master Builder. Work by subcontractors, as well as materials and rot is covered, but conditions apply. The Guarantee covers residential building work with a contract price of $25,000 and over. There are some exclusions and conditions that apply.
HOW DO YOU APPLY?
Your Registered Master Builder will offer you a Master Build
New Homes or Alterations & Additions Guarantee . The Application
Form and the Owners Acknowledgment of Arbitration Agreement
must be detached from the Guarantee Agreement and completed
and signed by you and the builder. The builder must then send
these forms to Master Build Services for approval.
HOW DO YOU KNOW IF YOU ARE COVERED?
Once approved you will be sent an acceptance letter. Make sure you keep this, and the Guarantee document, on file for future reference. If you fail to hear from Master Build Services within 14 working days, or have any additional queries, please call 0800 269 119.
Make sure you carefully read the Owners Information Guide and the terms and conditions in the Guarantee document carefully. If you have any queries, discuss these with your builder or phone Master Build Services. When the building work is finished, both you and your Registered Master Builder need to sign a completion form and forward it to Master Build Services. This ensures the Builders Cover and Structural Cover will be provided.
WHAT IF THINGS GO WRONG?
If you think there's a problem with the work, contact Master Build Services before making any further payments. The Guarantee won't cover you for any significant defect or incomplete work known to you at the time of final payment, or possession of the dwelling
IS THE GUARANTEE STILL VALID IF YOU SELL YOUR HOME?
If a home covered by a Master Build Guarantee is sold, the new owner is unable to claim unless the Guarantee has been transferred into the new owner's name. This can only happen once during the Guarantee's lifetime.
WHY CHOOSE A MASTER BUILD GUARANTEE?
For protection against loss of deposit, non-completion, defective
workmanship, rot and structural defects, or if your builder
is unable or unwilling to put things right. The Master Build
Guarantee covers you for things out of your control. |
