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THE 10-YEAR STANDARD GUARANTEE

The Standard Guarantee


The Standard covers loss of deposit and non- completion, along with materials and workmanship, and structural damage. The maximum total aggregate payout under the Standard Guarantee is $100,000 (inc GST). The cost of cover for a Standard Guarantee is a xed price.
What is covered Loss of deposit if the permanent work isnt started Non-completion if the house or work isnt nished Defects in materials* and workmanship, or structural defects Defects in specic structural elements 2 years after completion of the work 10 years from the acceptance of the guarantee Timeframe Value of cover $15,000 maximum $30,000 maximum $100,000 maximum $100,000 maximum

THE 10-YEAR CLASSIC GUARANTEE


The Classic Guarantee at a glance
The Classic covers defects in materials and workmanship, and structural damage (including rot and fungal decay).** The maximum total aggregate payout under the Classic Guarantee is $500,000 (inc GST). The cost of cover for a Classic Guarantee is a percentage of the contract price of the building work.
Timeframe 2 years after completion of the work 10 years from the acceptance of the guarantee 10 years from the acceptance of the guarantee Value of cover $500,000 maximum $500,000 maximum $500,000 maximum

THE 10-YEAR PREMIUM GUARANTEE


The Premium Guarantee at a glance
The Premium covers loss of deposit and non completion, along with materials and workmanship, and structural damage (including rot and fungal decay).** The maximum total aggregate payout under the Premium Guarantee is $500,000 (inc GST). The cost of cover for a Premium Guarantee is a percentage of the contract price of the building work.
Timeframe Value of cover $25,000 maximum $40,000 maximum 2 years after completion of the work 10 years from the acceptance of the guarantee $500,000 maximum $500,000 maximum $500,000 maximum

Opting out of cover for loss of deposit and noncompletion


The Standard guarantee contains an option for opting out of the cover for loss of deposit and non-completion.
What is covered Defects in materials* and workmanship, or structural defects Defects in specic structural elements Timeframe 2 years after completion of the work 10 years from the acceptance of the guarantee Value of cover $100,000 maximum $100,000 maximum

What is covered Defects in materials* and workmanship, or structural defects Defects in specic structural elements Rot and fungal decay for properties with a score of 12 or less based on the E2/AS1 Risk Matrix**

What is covered Loss of deposit if the permanent work isnt started Non-completion if the house or work isnt nished Defects in materials* and workmanship, or structural defects Defects in specic structural elements

What does it cost?


The cost of a Standard Guarantee opting out of cover for loss of deposit and non-completion is a xed price of $900.
Tim and Laura are having an addition built on to their house. They decide that since their builder has been recommended to them by friends, theyre not concerned about being covered for loss of deposit or the work being completed, they just want some cover for the building work itself. Their building contract is for $220,000, but as theyve opted for a Standard Guarantee, the maximum they can receive under their guarantee will be $100,000.

What does it cost?


A Classic Guarantee costs 0.55% of value of the building work contract up to a maximum of $2,750 for the $500,000 cover.
Jane and Simon have just signed the building contract for their new house. Theyre using the same builder who did renovations on their previous home, so they arent concerned about loss of deposit or noncompletion, but they are keen to be covered for the full value of their building work, which is $390,000. To get cover for the full $390,000, they will pay $2,145.

What does it cost?


A Standard Guarantee costs a xed price of $1,200.
Alan has never had building work done before, and wants to be sure hes got all his bases covered. He decides to take out the Standard Guarantee. His renovation is going to cost around $115,000, so hes happy that the Standard comes close to covering all of the work, as well as the deposit hes paid up front.

Rot and fungal decay for prop10 years from the erties with a score of 12 or less acceptance of the based on the E2/AS1 Risk Matrix** guarantee

What does it cost?


A Premium Guarantee costs 0.7% of value of the building work contract up to a maximum of $3,500 for the $500,000 cover.
Sarah and Ian have been saving for more than 10 years to have their own home built. Theyre really keen to protect their investment, and so have decided to go for a Premium guarantee for maximum peace of mind on their $480,000 project. Their Premium Guarantee will cost $3,360.

Note * Materials with a current certicate of accreditation or product certicate issued under the Building Act, or which, in Master Build Services opinion, comply with an appropriate Australian or New Zealand Standard. ** E2/AS1 is the Department of Building and Housings Acceptable Solution for Building Code Clause E2 External Moisture. It includes a Risk Matrix for analysing the weathertightness risk of a particular building design.

A range of options to suit your needs


We have a range of guarantee options that allow you to choose what you want to be covered for and how much you want to be covered for.

What do I need to do to make sure Im covered?


Make sure you read the guarantee document completely and ensure you understand the Terms and Conditions. Remember that you should receive your written acceptance of your guarantee from MBS within 14 days of replying if you havent received it, ring us on straight away on 0800 269 119. Your guarantee isnt valid until it has been accepted and signed by MBS. If there are issues with the workmanship on your home you need to let us know within 90 days. Make sure that during construction you dont pay any more than the value of the work that has taken place on your building project.

STANDING BY OUR WORK FOR 10 YEARS GUARANTEED

Who can get a Master Build guarantee


All of the guarantee options can only be offered by a Registered Master Builder. Master Build guarantees are for residential building work with a contract price of more than $25,000.

For further information see your builder or contact Master Build Services on:

How to apply
Choose the guarantee your want and ask your Registered Master Builder for an application form. You and your builder ll out and sign the form and your builder lodges it with Master Build Services (MBS). You should receive a written notice of acceptance from MBS within 14 days. If it doesnt arrive call MBS immediately on 0800 269 119 because your guarantee is not valid until it is accepted and signed by MBS.

The Master Build Guarantee

0800 269 119 www.masterbuilder.org.nz

Note that only work carried our by the Registered Master Builder you have signed your guarantee with is covered by the guarantee. Anything you do yourself or get someone else to do will not be covered.

Master Build Services Ltd

THE MASTER BUILD GUARANTEE WWW.MASTERBUILDER.ORG.NZ

Master Build Services Ltd