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Solution Offered For Building Industry Crisis


CLYDE RISK SERVICES

NEWS RELEASE: For Immediate publication 24 September 2002

Solution offered for building industry crisis by risk management group

A New Zealand risk services company has moved to help protect future property owners from leaking buildings and structural damage. This comes on the heels of the recent and considerable publicity concerning leaky buildings.

"The risk management and insurance protection package, 'BuildSure' does two things" says Chris Voisin, a Director of Clyde Risk Services.

"First, we review the plans prior to construction commencing . Then we conduct an independent technical audit of the building process to ensure, as far as possible, best building practices are maintained. Once signed off as satisfactory, the developer, or owner, has the option of taking out a five or ten year defects insurance cover.

That means the owners can protect themselves against major damage to the building as a result of defective design, workmanship or materials. The audit process is not dissimilar to having a Clerk of Works on each contract, looking after the eventual owners' interests."

"The real issue, however, is in seeking to prevent the failure in the first place "stresses Chris Voisin.

What's more, the insurance protection can be transferred to subsequent owners during the period of the cover. "This fact alone could give property sellers a real advantage over others, and give purchasers, and also lenders, comfort" says Chris Voisin

He also says there were a number of ways BuildSure could be used to protect property owners.

Firstly, smart developers could build the protection policy into their building contracts giving their clients greater security and confidence. Alternatively the property owner could deal directly with the risk management company once initial plans have been finalised.

In the event of a building failure, Clyde Risk Services arrange immediate financial assistance to remedy the defects, and manage the entire remedial process. The property owner is not burdened with having to establish who is the faulty party.

Although new to New Zealand, this risk management and protection concept can be found in most developed countries and in many cases is mandatory Clyde Risk Services have been developing the product for the last two years

For further comment or information please contact:

CHRIS VOISIN Director Clyde Risk Services PO Box 1786 Level 4 90 Armagh Street Christchurch New Zealand (Tel: 03 962 8377)

chris@clydeual.co.nz


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