Buildmark gives protection to the buyer from exchange of contracts / missives if you are not able to complete the home due to insolvency or fraud.
Buildmark cover ends on the date shown on the Buildmark insurance certificate - usually 10 years after the date of legal completion.
Buildmark provides cover for the home and is fully transferable during the life of the policy. So, if the owner sells the home and the Buildmark policy has not expired, the new owner benefits from the remaining cover (although note that the limits of the policy may already have been partly or fully used up by claims from the first or subsequent owners).
Once you are registered with NHBC (see NHBC registration), you will need to register each plot you are building for Buildmark cover.
The cost of cover is dependent on your premium rating and the selling price of the new homes you are developing.
Choose Buildmark and your homebuyers will benefit from:
pre-completion deposit protection
the two year builder warranty period backed by the NHBC resolution service and guarantee
the eight year NHBC insurance policy for physical damage to certain parts of the home caused by a failure to build to the NHBC Technical Requirements
pre-existing contamination on the land on which their home is built.
N.B. Homes registered prior to 1 October 2019 may benefit from insurance protection for certain breaches of Building Regulations if NHBC Building Control Services Limited is appointed for and carries out building control for the property. If we have provided this cover, it will be clearly shown on the Buildmark insurance certificate, and a description of the cover included in the policy booklet.
There are some things that are not NHBC’s responsibility, such as, but not limited to:
wear and tear, neglect and failure to undertake appropriate maintenance
storms and other severe weather conditions
fire and smoke
damp, condensation and shrinkage which is not a result of the registered builder failing to meet the NHBC Technical Requirements
theft or accidental damage (the homeowner should consider separate insurance for this).
There are also certain restrictions on the cover:
we will not pay for claims below the minimum claim value (this only applies to section 3 of the policy)
there are financial limits to how much we will pay (please see the full policy booklet for details)
cover is not in place until the policy has been accepted
conditions and exclusions apply.
Please see the latest Buildmark policy document for all the current terms and conditions and financial limits that apply.
As the builder or developer, you are responsible to rectify damage caused by your failure to build to the NHBC Technical Requirements (contained within the NHBC Standards) which is first reported within your liability period (usually the first 2 years following the date of legal completion). You must do this within a reasonable time and at your own expense.
For full details of the builder warranty responsibilities in the first two years of Buildmark cover, please see the latest Buildmark policy document.
Buildmark is designed for new homes you are building or newly converted for private sale. There is a separate version of Buildmark for apartments. It’s also the product to use where you are commissioned to build a house for someone on land they own (we call this custom-build).
If you are building homes for rent in either the private or affordable housing sectors you should consider Buildmark Choice.
If your project includes a commercial element, you should apply for Buildmark Connect for the commercial premises within your scheme.
If you are building a home to live in yourself, then you will need a specialist self-build warranty.