Against the backdrop of the changes brought about by the Building Safety and Procurement Acts, London Belgravia Group is increasingly working with housing associations to mitigate operational risk and ensure compliance.
In this case, Matt Percival, Principal Consultant at London Belgravia Group (pictured), received the warranty requirement through GP Thomas, the principal contractor on the project.
Social housing provider Stonewater is embarking on a new-build project consisting of 50 units: two semi-detached houses, four terraced houses, and 44 apartments. As part of the scheme, an existing manor house will be converted.
The total sum insured is £10.9m.
Matt was tasked with conducting a whole-of-market search for the best provider for this site, one that would adequately protect Stonewater and met all their requirements.
Understanding the various elements involved in each unique development is where London Belgravia Group’s specialist consultancy approach and years of experience really add value.
After searching the market and negotiating the best premium rates, ICW emerged as not only the most competitively priced, but the provider that could offer the right cover—and accepted the conversion element relating to the existing manor house.
The A-rated, 12-year social housing LDI policy with insolvency cover, supplied by ICW and underwritten by Accelerant, is approved by members of UK Finance and suitable for mortgage lending purposes.
Matt’s advice during this process resulted in a cost saving compared to their existing provider, but, crucially, saw to it that Stonewater received a tailored policy that ensured they had the correct cover.
Matt commented:
“As a business, we offer unparalleled advice and in recent years have been working directly with Housing Associations across the UK to ensure they are properly protected.
“It’s vital that the policy is structured to align with compliance requirements under the Building Safety Act and the Procurement Act, which took effect in February.
“London Belgravia Group’s holistic, reliable guidance provides comfort to a wide range of developers and Housing Associations, removing the stress that typically comes with the process—extending long after the warranty is secured.
“We’re so pleased to have supported Stonewater and this development, as they continue to create social housing that is critical to the country’s needs.”
