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A home warranty protects against the costs of home and appliance repair by offering home warranty coverage for houses, townhomes, condominiums, mobile homes, and new construction homes. When a problem occurs with a covered appliance or mechanical system such as an air conditioning unit or furnace, a service technician repairs or replaces it.
Buildings are subject to many different risks while under construction. They may catch fire, be damaged by high winds, or fall victim to other force majeure.A principle of common law is that any new construction or other improvement to land becomes property of the owner of the land – the title holder – once there has been an "improvement" to the owner's site.
A parent company guarantee (PCG) is a guarantee by a parent company of a contractor’s performance under its contract with its client, where the contractor is a subsidiary of the parent company.
Under French law (Article L241-1 of the Insurance Code), every builder is required to purchase a ten-year insurance policy covering the mandatory decennial warranty on all construction projects. The decennial warranty is a legal liability assumed by builders for all defects that compromise the integrity of their structures or that cause them to ...
When it closed its doors, it left some 60 houses in various stages of construction. In one case, according to the Naples Daily News, the company was paid over 75% of the home’s contract price ...
(The same goes for commercial properties.) Owners who get a permit to convert their property to a different class will need a certificate of occupancy indicating the change. ... New-construction ...
Whether or not general liability insurance covers construction defects or "faulty workmanship" is a matter of some debate, as some insurers have viewed poor workmanship as a risk that is covered by a surety bond rather than an insurance policy given that a construction professional may have some influence (through attention to detail, skill, and effort) over whether such a defect occurs.
[citation needed] NHBC offers warranties for newly built or converted private housing, affordable housing, self-build homes and commercial premises located on mixed use housing schemes. Mortgage lenders in the UK will usually require that a warranty is in place before lending on a newly built property, as detailed in the Council of Mortgage ...