The Q Policy is a structural warranty for new build, refurbished and converted properties which puts quality build and customer service first.
At Q, we understand that affordable housing not only serves the investment requirements of many funds and bodies, but that Housing Associations must be in a position to provide high quality property to meet the needs of the many stakeholders involved.
And our highly risk managed approached to warranty provision will complement high quality affordable housing projects both now and in the future.
Key Features: The Q Policy for Affordable Housing
Designed to meet your needs
Q understands the requirements of Affordable Housing providers and has designed a policy to be of maximum benefit and minimum hassle, streamlining it to suit your needs. Loss of rent & alternative accommodation cover is included as standard, we apply a low minimum claim value or excess, and insolvency cover for the Defects Liability Period is included as standard. Additionally, financial loss cover can be made available for the build period* (which includes some security costs for abandoned sites).
In certain cases, depending upon the underwriter of the policy, we may also be able to offer cover for 12 years.
* availability will depend upon the financial stability of the Builder.
Our Site Visits
During the build process, we carry out regular physical inspections of each property* we insure on behalf of the underwriter.
These visits are to ensure that the property meets our Technical Requirements and is fit for insurance purposes.
While these visits are not to guarantee the quality of the works, our site surveyors are experienced and knowledgeable, so when we accept a property for insurance cover, it means we are satisfied that it has been built in accordance with good building practice.
*If a property has already commenced or is completed when we are asked to provide a quotation, we may not have the opportunity to inspect it at the same frequent intervals as a property which has not yet been started.
Under The Q Policy, underwriters only insure new homes which are built by companies registered with Q.
This means we assess the financial & technical competence of each company we work with and ask them to sign up to a Terms of Business Agreement which sets out their responsibilities to the insurer and what they can expect from us and the insurer.
Refurbishment & Conversion Specialists
Our policies have been developed with the challenges of refurbishment & conversion in mind: we assess each project on its individual merits, applying requirements which are proportionate and necessary with the full support of an experienced surveyor.
What does the Affordable Housing Policy cover?
Our structural warranties aim to be easy to follow and provide certain insurance cover for the owners of the buildings for 10-12 years following completion of the build period. Each warranty is slightly different depending upon the underwriter of the policy, but typically they include cover for the following:
Defects Liability Period
During the two year period following completion of the build, the Developer or Builder is responsible for arranging the repair of any Defects identified and reported by a Policyholder.
The Q Policy will respond if the Developer / Builder fails to rectify known Defects because they are no longer able to due to fraud or insolvency, subject to the conditions of the policy.
View our other policies
For open market residential developers & builders selling New Homes to consumers
PRIVATE RENTAL SECTOR
For new homes owned/managed by commercial landlords which will be rented.
For new and converted homes which are being commissioned by private clients to live in and are constructed by a Builder under contract.