Your Master Build 10-Year Guarantee - Cover and Cost

Find out the cost of the Master Build 10-Year Guarantee and what is covered here.

GENERAL QUESTIONS

The Master Build Guarantee usually costs less than 1% of the total build cost.

The cost of our Guarantee will reflect the cost of your build. You’ll also pay less if you opt out of Loss of Deposit, Non-Completion and Remedial Cover.

Value of Building Contract (inc. GST) CC. Full Cover NCC. If you choose to opt out of Loss of Deposit and Non-completion covers
$30k-$200k $ 750 $ 600
$200k-$400k $1,300 $1,050
$400k-$600k $1,550 $1,250
$600k-$800k $1,750 $1,400
$800k-$1m $1,950 $1,550
$1m-$1.5m $2,200 $1,750
$1.5m-$2m $2,750 $2,200

 

COVER WHILE YOU’RE BUILDING

The Master Build 10-Year Guarantee is flexible and can be tailored to meet your needs.

Our Loss of Deposit cover protects you if your builder is unable to complete your building work and you lose your deposit.

Our Non-Completion cover protects you if your builder is unable to complete the building work, and you have to pay more than the original contract price to get your work finished. It also covers you if any remedial work needs to be done on the work carried out by your builder so far.

It is important that you read the terms and conditions in your brochure and understand what you’re covered for.

 

Let us know straight away if you think you might be in a situation where you will lose your deposit, or if your builder will not be able to complete your building work.

If you believe you have a claim under Loss of Deposit or Non-Completion cover, there are a few things you must do:
  • contact your builder as soon you discover the problem
  • notify us no later than 30 days after the date you become aware of the problem and return the official claim form no later than 14 days after you’ve let us know about it
  • make sure you don’t pay your builder or any other tradespeople any more money, unless we give you written permission to do so.

If you would like to talk to us, please contact us on 0800 269 119 or email us at help@masterbuilder.org.nz

 

Please contact us on 0800 269 119 or email us at help@masterbuilder.org.nz

 

Once you make a claim we will start by carrying out a thorough investigation of the issue.

If your claim for Loss of Deposit or Non-Completion and Remedial Works is approved:
  • We will find you a replacement Registered Master Builder to finish the uncompleted work; and
  • you will enter into a new Building Contract with the replacement builder; and/or
  • we will pay you any money due to you under your claim

 

Loss of Deposit: Up to $50,000 or 10% of your contract price (whichever is less).

Non-Completion: Up to $500,000 or 20% of your contract price (whichever is less).

 


COVER AFTER YOUR BUILD IS COMPLETE

The Master Build Ten-Year Guarantee can be tailored to meet your needs. Therefore, it is important to read and understand what you are covered for.

The maximum cover for all claims throughout the life of a Guarantee is the value of your Building Contract (up to a limit of $1,000,000).

Our Materials and Workmanship cover protects you if there is a problem with the expected standard of the work carried out by your builder or with the materials that have been used in the building work.

This includes where your builder has failed to:

  • comply with your Building Contract and the building consent; or
  • follow relevant building trade practices and standards that were in place when your building consent was issued; or
  • comply with any relevant laws that apply to the building work; or
  • comply with any relevant instructions or recommendations by the manufacturer or supplier of any materials used in the building work that were in place at the time the material was installed or used.
  •  

    You are covered for the materials used in your building work if they have not performed according to recognised trade practice or performance expectations. If the materials come with a manufacturer or supplier’s warranty or guarantee, you need to claim under that warranty or guarantee first.

    You will also be covered for reasonable costs and expenses relating to removal, storage and alternative accommodation if your home is unable to be lived in, as a result of the damage or Defect in your claim. This cover is for a maximum value of $10,000

     

    It is important to read the Guarantee Terms and Conditions and understand what you are covered for.

    However, if your Building Contract is a labour-only contract, the materials used in the building work are not covered.

     

    If your Guarantee covers a defect in workmanship or materials, this cover is for defects that have been identified after your building work is finished.

    It begins on the Practical Completion Date and ends two years after that date.

     

    Please contact your builder as soon you discover a problem.

    If you believe you have a claim under workmanship & materials or structural, you must:
    • notify us no later than 30 days after the date you became aware of the problem; and
    • make a claim on the official claim form no later than 14 days after notifying us of the problem; and
    If you don’t lodge a claim within 14 days of notifying us of the problem, we are not liable for any existing or future claim for the problem you notified us about.

     

    After you make a claim we will do a thorough investigation and assess your claim. If the claim is valid, we will tell your builder to fix the Defect. There will be a set timeframe for your builder to fix the Defect (sometimes we may agree to give them an extension to the timeframe if it is appropriate).

    If your builder doesn’t fix the Defect within the timeframe set (or any extension) you must contact us no more than 30 days after the date the work was due to be completed.

    To make sure you are comfortable and understand the process, please contact us on 0800 269 119 or email us at help@masterbuilder.org.nz.

     


    COVER FOR STRUCTURAL DEFECTS

    It is important to read the Guarantee Terms and Conditions and understand what you are covered for.

    Cover for structural defects protects you if an issue with the expected standard of the work carried out by your builder results in Structural Defects to your home, including a problem with the weathertightness of your home (Rot and Fungal Decay).

    Structural Defects include damage which makes your home unsafe, unsanitary or uninhabitable.

    To be covered for Rot and Fungal Decay, the design, materials and construction of your home need to achieve a score of 12 or less in the “Building envelope risk matrix” at the time the building consent was issued. The building envelope risk matrix is in the Ministry of Business, Innovation and Employment’s Acceptable Solution E2/AS1, which can be found on www.building.govt.nz.

    Your Guarantee will support you if your home is unable to be lived in as a result of the damage or Defect in your claim. You will be covered for reasonable costs and expenses relating to removal, storage and alternative accommodation up to a maximum value of $10,000.

     

    WHAT TO KNOW MORE?

    Find all the information about the 10-Year Guarantee here.