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Technical Inspection Services

Ensure that your building project has been executed in compliance

Technical Inspection Services for Construction Warranty Insurance from TÜV SÜD

 

With the global construction industry working on tight profit margins, the cost of rectifying defects can often wipe out any potential returns on investment, cause project delays and even result in legal disputes - severely damaging a brand’s reputation.

 

Without the assurance of construction warranty insurance (CWI), there is uncertainty. There is uncertainty about construction quality and resale values may be reduced. Problems with a building also cause frustration and financial worries, alongside the potential for lengthy and costly legal battles. Buyers of new buildings therefore want the reassurance provided by latent defect insurance policies, and it can be difficult to resell a property if such homeowner protection is not offered.

 

What is Construction Warranty Insurance?

Construction Warranty Insurance (CWI) solution (also known in the construction industry as decennial insurance, inherent defect insurance or latent defect insurance) provides a comprehensive policy from an investor and/or developer to the owner/buyer. This offers investors and homeowners peace of mind that the building has been constructed to a standard set by the warranty provider.

TÜV SÜD Technical Inspection Service regularly assesses quality throughout the construction phase. This ensures that your building meets national and international standards, follows industry best practice and that defects in materials or workmanship are rectified in a timely basis. Using digital reporting, TÜV SÜD’s experts monitor construction progress via a cloud-based platform. This removes the need for multiple paper progress reports, enabling real-time progress tracking throughout the project’s lifecycle and timely rectification when necessary.

Once TÜV SÜD has verified that a project has been executed in compliance with the pre-defined scope of the CWI, and no major defects remain, a Taking Over Certificate will be issued to the insurer. If an unidentified insured defect subsequently becomes apparent, the homeowner can simply make a warranty claim directly to the insurer, who arranges the repair work even in case of insolvency of any party involved. CWI together with TÜV SÜD inspection service offers a care-free insurance solution that saves homeowners´ time, money and effort.

 

Added value beyond insurance 

The entire built asset supply chain can benefit from TÜV SÜD’s Technical Inspection Services as well as the CWI - investors, developers, contractors, subcontractors and homeowners - as it indemnifies everyone involved from potential costly problems with a property in the future.

 

Key benefits for investors

  • A high level of construction quality assured
  • Added value for resale
  • Immediate and high-quality rectification of insured construction defects, even in the case of insolvency, with cover remaining in full force after the repairs
  • Reduce investment payback periods
  • Minimise the likelihood of lengthy and costly legal proceedings if building problems are identified

 

Key benefits for developers, contractors, sub-contractors

  • Substantial workload reduction: 
    o Reduced workload to to serve warranty issues
    o Construction Warranty Insurance does not seek to identify responsibilities
  • Substantial financial relief:
    o No long-time monetary retentions are required for guarantee claims
    o No need to purchase warranty bonds 
  • Strengthened your brand reputation:
    o Enhance quality and reliability
    o Increase your customer satisfaction and confidence 
    o Improve the marketability and selling price of buildings
  • Minimise the likelihood of lengthy and costly legal proceedings if building problems are identified

 

Key benefits for homeowners

  • No additional cost, effort or frustration as construction defects are rectified without delay - even if the contractor is insolvent 
  • Complete homeowner protection – high-quality repair work as TÜV SÜD monitors progress and Construction Warranty Insurance covers the costs 
  • Construction Warranty Insurance remains in force following property resale
  • No need to chase for a repair contractor

Why work with TÜV SÜD 

TÜV SÜD has decades of international experience providing Real Estate testing, inspection and certification services. We hold multiple national and international approvals and accreditations, and our experts regularly participate in building standards development committees, giving us a deep understanding of both global and local building regulations. As one of the world’s most highly respected certification bodies, you can trust us to provide impartial inspection services, with our reports and certificates having a high level of acceptance globally. As an expert in managing risk in technical, safety, performance and compliance excellence of buildings, working with us ensures the certainty and reliability of your construction project. Our international on-site presence in all major markets means that we can offer you best-in-class advice to help you manage your risks and liabilities, while speaking the language of your local teams on-site wherever you do business.

 

 

 

 

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