What is an NHBC Bond?
NHBC (National House-Building Council) is the leading warranty and insurance provider and standards setter for UK house-building for new and newly converted homes. As a non-profit distributing company, it reinvests all income in achieving its primary purpose: improving quality in housebuilding to protect homeowners.
NHBC marks its 75th anniversary in 2011, celebrating three quarters of a century of raising standards in UK house-building to protect homeowners.
Three quarters of a century of experience allows NHBC to shape UK housebuilding. By setting standards and inspecting new homes, and by providing industry feedback and training, NHBC drives continual improvement.
NHBC buildmark warranties now cover over 80 percent of new UK houses; 1.7 million homes are protected currently. Nearly seven million homes have benefited so far, representing over 30 percent of the UK housing stock and giving homeowners assurance and redress on occasions when things go wrong.
If a contractor or developer wishes to join in the NHBC programme they have to give a Financial Guarantee to the NHBC.This can be in a reserved cash fund or a Bond to cover NHBC Guarantees issued against the properties within the programme.
What We Require From You
Provide us the details of the particular operation which is the subject of the bond requirement, including bond amount and period for which it will be required, together with a completed application form plus:
A copy of the bond wording required by relevant body
A copy of your last published audited accounts (if you are part of group , group accounts, too)
A copy of your latest management accounts
On receipt of this information, the application will be submitted to our panel of underwriters for their consideration. On the successful underwriting, we should be in a position to offer competitive non-binding indications of terms, as quickly as possible.
Once you have accepted our terms and provided any additional information requested, we will send you any legal documents that need to be executed (such as counter-indemnities) and an invoice for the premium.
Following receipt of the legal paperwork and premium, we will issue the bond.