Master Build Services Ltd (MBS) has announced the introduction of two new guarantee products on to the market.
The new products, named Premium and Classic, cover a term of 10 years and have an increased total cover of $500,000.
MBS chief executive Warwick Quinn says MBS has recognised a need in the market for products that more realistically meet the needs of consumers while also addressing the Government’s indications around potential compulsory home warranty schemes.
“We extensively researched the market which confirmed that the building public is receptive to these products and gave us an indication of what they would expect to pay for them,” Mr Quinn says.
The Premium guarantee covers loss of deposit, non-completion, workmanship and material defects, structural defects, and rot and fungal decay
The Classic guarantee covers workmanship and material defects, structural defects, and rot and fungal decay
Members are already selling the new products, with the first one being sold in Auckland. Registered Master Builder Glenn McBeth from Solid Homes says “it was an easy sell to the client — just had to tell them that the guarantee gave them better cover”.
MBS believes these two new products are the best of their kind available in New Zealand and, importantly, offer Registered Master Builders a distinct advantage in the marketplace.