Reminder: Pricing Changes to Master Build 10-Year Guarantee
21 April 2022
As all of you will be aware, costs have been steadily increasing across all areas of the sector. We work hard to keep our costs down and the cost of our market leading 10-year guarantee has not changed for the past three years. In this time things have changed – regulatory environment changes have increased the cost to the business, the cost of administering the guarantee has increased and so has the cost of claims.
We need to look at the current price of our guarantees and to increase our prices to meet these increased costs. From 1 May 2022, the price of all guarantees will increase by 10%. All guarantee applications received prior to this date will be on the current pricing.
The new pricing structure is as per the below table:
While price increases are never welcome, it is important to remember and talk to your clients about the benefits of the guarantee and that it represents a fraction of the build cost, for the majority less than 0.5% of the build cost – a small price to pay for the protection it offers.
New booklets and brochures are being finalised and these will be available soon, before the pricing change takes effect on 1 May 2022.
The guarantee team are here to help if you have any queries. You can get in touch with us on 0800 269 119 or at firstname.lastname@example.org