Understanding Practical Completion and its Impact on Warranty Coverage

Understanding Practical Completion

When it comes to owning a property, whether it’s a residential apartment or a commercial building, protecting it from water damage is of utmost importance. Water infiltration can lead to costly repairs, structural damage, and potential health hazards. Waterproofing guarantees and product warranties cover workmanship and materials, but as a property owner, you also require insurance to protect your property in the event of damage from external factors. Understanding what guarantees, warranties and insurance policies cover is crucial to ensure long-term, quality waterproofing… and to protect your property and financial investment.

Types of Waterproofing Warranties

Manufacturer’s Material Warranty: This type of warranty covers defects in the waterproofing materials used, such as membranes. If any material fails prematurely due to manufacturing faults, the warranty provides replacements or repairs at no additional cost to the property owner. On completion of every waterproofing project, the manufacturer will inspect the installation to ensure it is to sufficient standard, prior to warranty provision. The point to remember with manufacturer warranties is that there are conditions. In some cases, a manufacturer may void the warranty if you fail to protect your waterproofing membrane. Conversely, if you keep a membrane in good condition with ongoing preventative maintenance, a manufacturer may extend the life of your warranty, sometimes by years.

Understanding Waterproofing Insurance

Waterproofing may fail from a variety of factors, including storms or accidental damage during subsequent trades work on site. Many insurance policies cover building damage due to unforeseen events including hail, lightning or floods; however, they may not cover damage accrued over a period of time, or arising from failed or neglected waterproofing.

According to the Australian Institute of Waterproofing, the highest number of insurance claims for waterproofing failures relate to balconies, terraces, and rooftops in high rise strata and commercial buildings.

In strata properties, the body corporate may be responsible for issues such as rising damp or leaks if the property is not sufficiently maintained, which is why regular preventative maintenance of areas including rooftops, balconies, basements and planter boxes is vital.

Benefits of Waterproofing Insurance
As a property owner, investing in waterproofing warranties and insurance is an essential step in safeguarding your property from potential water-related damage. You can take a number of steps to help ensure you have a long-term waterproofing solution in place, including ensuring you deal only with licenced, experienced contractors and by opting for a preventative maintenance plan.

Prepared by
Danrae Group

Author: Danrae Group