Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Platinum Homes to provide additional building warranties

Platinum Homes to provide additional building warranties

Friday 16 March, 2018

Platinum Homes will foot the bill for an additional building warranty for over 200 of its clients, which have paid a deposit or are under construction, after they have been left with uncertainty about the cover provided following the recent interim liquidation of CBL Insurance.

The new cover facilitated by Builtin, at a cost of $200,000 to Platinum Homes, is provided by Stamford Insurance and is underwritten by Lloyds of London.

“Until the interim liquidator completes their report, and in good faith, Platinum Homes and Builtin are pleased to advise we have been able to source additional cover from Stamford Insurance,” said Shaun Riley, CEO of Platinum Homes.

The move comes in response to the interim liquidation of CBL which has left many homebuyers with potentially worthless warranties and no protection while their home is being built. The company went into interim liquidation a fortnight ago.

The 200 Platinum Homes clients had already paid a deposit or have homes under construction.

“Our franchisees, who have had clients affected, and our head office are sharing the cost of the additional cover. We trust with new cover in place our clients will continue to have confidence that their decision to build a Platinum Home was the right choice.”

The scheme put in place by Stamford will protect clients as follows: –

· For buyers who have signed a contract with Platinum Homes and paid a deposit where work has yet to start, Stamford will cover the risk that they may lose their deposit if the Platinum franchisee becomes insolvent.

· If construction has already started, Stamford will guard against builder insolvency and provide 10 years’ defects cover.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Budget Policy Statement: 'Wellbeing Of NZers At The Heart Of Budget Priorities'

“We want a wellbeing focus to drive the decisions we make about Government policies and Budget initiatives. This means looking beyond traditional measures - such as GDP - to a wider set of indicators of success,” Grant Robertson said. More>>


Short Of 2017 Record: Insurers Pay $226m Over Extreme Weather

Insurers have spent more than $226 million this year helping customers recover from extreme weather, according to data from the Insurance Council of NZ (ICNZ). More>>

Environment Commissioner: Transparent Overseer Needed To Regulate Water Quality

Overseer was originally developed as a farm management tool to calculate nutrient loss but is increasingly being used by councils in regulation... “Confidence in Overseer can only be improved by opening up its workings to greater scrutiny.” More>>


Deal Now Reached: Air NZ Workers Vote To Strike

Last week union members voted overwhelmingly in favour of industrial action in response to the company’s low offer and requests for cuts to sick leave and overtime. More>>