The Master Build 10 Year Standard Guarantee

Our 10 Year Standard Guarantee is our newest Guarantee. It provides cover for Loss of Deposit and Non-Completion (there is also an optional removal of Loss of Deposit and Non-Completion should you not wish to have this cover). It also covers you for Defects in Materials and Defects in Workmanship, and Structural Defects, and further included is Rot and Fungal Decay Cover (leaky building).

The Guarantee Covers

Loss of Deposit (Optional):

Up to 5% of the contract price or $20,000 including GST, whichever is the lesser.

Non-Completion (Optional):

Up to 10% of the contract price or $40,000 including GST, whichever is the lesser.

Defects in Materials/Workmanship:

For two years after completion of the Dwelling or Works and the issue of a Notice of Practical Completion. Defect in Materials means a substantial failure of any materials prematurely, having regard to recognized trade practice or expectation. Defect in Workmanship means a Defect from any failure by the Registered Master Builder to comply with the building contract or building consent issued, comply with any laws relating to the building of the Dwelling or Works, or comply with any instruction or recommendation given by the manufacturer or supplier regarding the installation or use of any materials incorporated in the Dwelling or Works. For more information on Defects in Workmanship or Defects in Materials please see the relevant section of the Guarantee Terms and Conditions.

Structural Defects:

After the Dwelling or Works are completed, and at the date of Notice of Practical Completion and a Code Compliance Certificate has been applied for, you will receive cover for Structural Defects up until the tenth year anniversary of the Guarantee acceptance date. Structural Defects are deemed to be actual physical damage to the foundation systems and footings; beams; girders; lintels; columns; load-bearing walls and partitions; roof framing systems and floor systems of the Dwelling or Works. For more information on Structural Defects please see the relevant section of the Guarantee Terms and Conditions.

Rot and Fungal Decay:

Rot and Fungal Decay are covered in instances where the design, materials and construction of the Dwelling or Works achieve a score of 12 or less using the "Building envelope risk matrix" (Table 3) in the Department of Building and Housing's "Acceptable Solution E2/AS1 at the time of issue of the building consent for the Dwelling or Works. This is weathertightness (leaky building) cover.

The Maximum Aggregate Cover provided by the 10 Year Standard Guarantee is up to the lesser of the contract price or $400,000 including GST.