Platinum Homes to provide additional building warranties

By Wright Communications

The new cover facilitated by Builtin, at a cost of $200,000 to Platinum Homes, is provided by Stamford Insurance and is underwritten by Lloyds of London.

"Until the interim liquidator completes their report, and in good faith, Platinum Homes and Builtin are pleased to advise we have been able to source additional cover from Stamford Insurance," said Shaun Riley, CEO of Platinum Homes.

The move comes in response to the interim liquidation of CBL which has left many homebuyers with potentially worthless warranties and no protection while their home is being built. The company went into interim liquidation a fortnight ago.

The 200 Platinum Homes clients had already paid a deposit or have homes under construction.

"Our franchisees, who have had clients affected, and our head office are sharing the cost of the additional cover. We trust with new cover in place our clients will continue to have confidence that their decision to build a Platinum Home was the right choice."

The scheme put in place by Stamford will protect clients as follows:

- For buyers who have signed a contract with Platinum Homes and paid a deposit where work has yet to start, Stamford will cover the risk that they may lose their deposit if the Platinum franchisee becomes insolvent.

- If construction has already started, Stamford will guard against builder insolvency and provide 10 years' defects cover.

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