Newton has launched two new meaningful, single-point Guarantees that provide complete protection for the client, specifier and the contractor – the Newton Insurance Backed Guarantee and the Newton Latent Defects Guarantee.
In 2019, the construction insurance guarantees market underwent significant change, with several insurers withdrawing from the sector. Early in 2020, there was a further reduction in the number of rated insurers able to provide insurance for waterproofing.
With waterproofing, by its very nature, being a risky business, it can be hard to find good guarantees. A lot of companies will provide self-guarantees but there is no insurance provided, while others will provide warrantees that are not insurance-backed.
Many guarantees do not offer any real benefit and can leave the client and the design team with financial loss, a delayed program or much worse.
Newton have put together a comprehensive guide to the current state of the waterproofing insurance sector, which you can read here.
The Newton Insurance Backed Guarantee is a meaningful waterproofing insurance policy that provides protection in the event of the installing contractor ceases trading.
The guarantee is underwritten by Newton’s A-rated insurer, meaning there is no better insurance-backed protection available from a UK waterproofing supplier, and making Newton the safest partner for supplying your waterproofing products.
The guarantee is available on projects using Newton products installed by a Newton Specialist Contractor (NSBC). All NSBCs providing the Newton IBG will be audited by the insurance underwriter beforehand and will incorporate the cost of the policy into their quote for the waterproofing contract.
The Newton Latent Defects Guarantee is available on qualifying projects using multiple forms of waterproofing to achieve a minimum score of 3.0 on the Newton Waterproofing Index.
The application for the guarantee is made via the installer directly to Newton’s A-rated insurer, rather than via Newton.
For the first two years from the date of installation completion, the responsibility for repairing any leaks and defects lies with the installing contractor. Once this period has expired, all repairs are the responsibility of the insurer.
Newton’s Specialist Contractors have been specifically audited to ensure they meet the necessary requirements to be able to provide the latent defects guarantee.
Newton’s waterproofing solutions, and the products used to achieve them, have also successfully passed a rigorous auditing process to ensure that they are of sufficient quality to support the A-rated latent defects guarantee.
To read both the summaries of both Guarantees, visit the Newton Guarantees page and download the summary PDFs.
Newton Waterproofing Systems,
17-20 Sovereign Way,
Phone: 01732 360 095
Fax: 01732 359 033
E-mail: [email protected]
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