Building Block PCC Ltd, the Malta–based specialist insurer, has added another specialist product to its stable of niche products, after signing a distribution deal with The Source – a GI platform for mortgage brokers and IFAs – to sell its new homebuyer insurance product
Paul Brierley, Building Block CEO, said that the new product will protect homebuyers against the cost of professional fees if a house sale falls through.
“Our Homebuyer Protection Insurance removes the uncertainties of buying a home in England, Wales and Northern Ireland. Buying a house is the biggest financial decision anyone makes, so this product protects people if things go wrong, and is all about giving peace of mind.”
The product costs £75 (net rate) and covers the costs of gazumping, withdrawal of sale by the vendor, withdrawal thorough illness and the buyer discovering the property is subject to compulsory purchase. Cover also includes circumstances where the valuation survey is less than the accepted offer on the property, or where a mortgage lender requires work to be undertaken in order to lend.
Brierley said that cover lasts for six months following inception, or until a claim is made, the sale is completed, or the policy is cancelled.
Brierley said Homebuyer is the seventh niche and specialist product launched by the business this year, with more to follow. “All our products (gap, agri-gap, equine , gadget, car hire excess and excess) are designed in-house and distributed through partnerships with intermediaries and networks.”
“The niche insurance sector is healthy and growing, and by giving brokers access to these products, we are opening up new revenue streams and opportunities for them to grow.”