Santander have became
the first bank to add the Q Policy to the acceptable warranty schemes
listed in it’s Part 2s of the CML Handbook.
The
Q Policy is no ordinary warranty scheme. In fact it is a an alternative
to the traditional 10-year warranty scheme. In essence it is New Build
property insurance for latent defects. More information of the Q Policy can be found here.
There
is still a quality assurance element to the scheme as before issuing
the policy as the company guarantees developers and builders that they
will provide a minimum of eight site visits during the build phase.
Key features for the The Q Policy for Residential Properties include :
- Insurance Product offering Lifetime Property Cover
- 6-month Developer Liability Period
- Single point of recovery for Policyholders - they deal with Q direct from Day One of cover
- Minimum of 8 inspections per plot
- Loss of Deposit Cover available
- Snagging Service available
- Cover automatically included for loss of rent or alternative accommodation (including pets), additional costs, removal of debris, removal & storage of property & professional fees
- Structural extensions & modifications can be included in cover
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