The Federation of Master Builders

Are you being asked to provide more financial information?

Published date: 24 March 2022

If you’re a builder or a homeowner, our structural defects warranty gives you that added peace of mind when investing in your home. At FMB Insurance we can provide policies which cover new homes and domestic home improvement works, such as extensions and loft conversions. Whether you’re renovating, refurbishing or building a new home, our structural defects warranties are designed to help protect your clients when they invest large sums of money.


Recent changes to the insurance market have meant that the industry is reviewing risks in a different way. One of the most noticeable changes is a switch to asking more about the financial stability of the firm undertaking the work. 


We’re used to providing all the technical information associated with ‘how’ it’s being built, but now we need to provide more information about ‘who’ is building it. 


Here’s what we’re being asked to gather by insurers:


  • If you are applying for insurance to cover any domestic home improvement works, for example an extension or loft conversion, then we may require a personal assets and liabilities statement. This is just to confirm that you have enough funds to cover the cost of works you are carrying out. 


  • We may also ask for confirmation of how the job is being funded. So, this may be confirmation from the lender or firm providing the finance.


  • As a builder, you might need to provide a brief CV or a portfolio of completed projects as we’re being asked for confirmation of your construction experience going back 10 years.


  • If your company has worked with FMB Insurance previously then we can use information we already have on file, but we might need ask additional questions.


  • If you’re a Federation of Master Builders (FMB) member, we can use your length of membership to confirm experience.


These changes require more information from you as a customer, but we hope it offers that extra peace of mind. It covers investigation into both the extent of funds to cover the cost of the plans, as well as the ability and experience of the builder undertaking the work, saving you money in the long run.


Our team of experts are here to talk through your policy and answer any questions you may have. Call us on 01353 652760.

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