Are you a professional builder and need ten years insurance? How much is this blanket worth?
The price of ten year insurance varies from one provider to another. However, a number of criteria are taken into account, which significantly depend on your professional situation. How is the cost of a 10-year warranty calculated? Answer and advice!
What is ten year insurance used for?
Ten-year insurance is a legal guarantee from the developer that allows certain damages that may affect the strength of the structure to be repaired for 10 years from the date of acceptance of the work. This applies to both the owner and subsequent purchasers in the event of a resale of the property.
Professionals who fail to comply with this subscription obligation are subject to a fine of 6 months in prison and / or a € 75,000 fine. Thus, it is advisable to sign this contract as early as possible and before starting work. Submitting a ten-year certificate of insurance will also reassure customers, who will receive insurance coverage in the event of a claim.
List of damages covered by ten-year insurance
The ten-year warranty covers damage to:
- What can affect the strength of the structure or its integral equipment;
- Which makes it uninhabitable or unusable for which it was intended.
Here are some examples of damages covered by this insurance:
- Collapse as a result of a structural defect;
- Lack of tightness;
- Significant cracks;
- Soil vise;
- Heat pump malfunctions.
These claims are covered for 10 years as soon as they arise after the date of acceptance of the site. When damage is noted and reported to a ten-year-old insurer, the latter assigns an expert to assess the amount of damage. Depending on the experience provided, the insurance company may or may not make an offer for compensation.
How much does ten-year insurance cost?
The insurer takes into account very specific criteria to determine the value of the ten-year guarantee:
Personnel is one of the main elements studied by the insurer. Indeed, the fees for EURL without an employee will not be the same as for SA with several dozen employees.
The nature of the main activity performed
Some activities are considered more risky than others. For example, a service provider will pay a lower premium than a bricklaying and construction company.
The higher the turnover, the more the company is at risk and the size of the premium increases.
Experience and skill level
An experienced company with no complaints will benefit from a more attractive price than a younger company with an established track record.
There are construction methods and processes that are more risky than others. The amount of the insurance premium can be higher or lower, depending on the choice of the professional.
Desired level of guarantee
The more the guarantees are numerous and extensive, the more the price of ten-year insurance increases. A balance must be struck between the selected guarantees and the price.
Taking this information into account, the insurer will be able to communicate the amount of premiums to its future client, who may or may not accept this offer.
Examples of ten-year insurance rates
For reference: the cost of a ten-year insurance for an electrician working with the status of a car entrepreneur is 830 euros.
If you are a bricklayer and have an average annual turnover of € 250,000, a 10-year warranty will cost you around € 4,500.
Finally, for a general construction contractor with a turnover of 400,000 euros, the cost rises to 16,000 euros.
To find ten year insurance at the best price, it is advisable to make several requests for quotes online.
How to find the best 10 year warranty?
Are you looking for optimal insurance for ten years? To keep your odds on your side, feel free to use the online comparator. To access the best deals, all you have to do is fill out a quick form, including your sector of activity, your turnover, company personnel and the level of guarantee you want. The comparator is responsible for sorting the many available contracts and only suggests the ones that suit your needs.
Don’t you want to take this step alone? BUT a broker specialized in ten-year guarantees can accompany you throughout the entire subscription. Specifically, this professional, having analyzed your needs, is responsible for comparing offers for you and advises you on your choice. He will also be able to answer all your questions. Time savings, savings, personalized support and advice … There are many benefits to having a broker.
What if you can’t find insurance for ten years?
If insurers refuse to guarantee a ten-year period, you can contact the Central Bureau of Prices (BCT). The referral procedure is free but thorough. You will first need to contact one or more insurers. Refusal of insurance is characterized by a written statement of the insurer or no response within 45 days from the date of receipt of the request for insurance. In this situation, it is necessary to contact BCT within 15 days of the direct refusal of the insurer or within 45 days of the receipt of the request by the insurer if the latter did not respond. The file sent to the organization must include: a signed intervention request from BCT, the name of the insurer requested, a copy of the insurer’s letter of recommendation, and the insurer’s waiver letter. It takes 2 to 4 months to get a decision from the Central Pricing Bureau.