Compariqo's Jargon Buster
This guide will break down common insurance terms into simple, easy-to-understand explanations. Whether you’re purchasing a new policy, making a claim, or simply trying to understand your coverage, this resource will provide you with the information you need.
Terms Relating to Construction:
AR – Appointed Representative
An Appointed Representative is a person or firm that carries out regulated activities under the supervision of an authorized financial services firm.
BCA – Building Control Approvers
Building Control Approvers are a private company or individual that is licensed and regulated by the UK government to preform building services, working with developers to ensure projects adhere to building regulations. They were previously known as Approved inspectors or AI for short.
BC – Building Control
Building Control is a service that ensures that construction projects meet the minimum standards for safety, health, and welfare. Building control bodies are organizations that are authorised to enforce these standards through inspection, approval, and surveying.
BCIS – Building Cost Information Service
The Building Cost Information Service provides cost and price data for the UK construction industry, they will provide reinstatement value of properties.
BI – Building Inspector
A Building Inspector is a professional who ensures that buildings are safe for their occupants by checking their structural quality, architectural requirements, and general safety.
BLP – Building Life Plans (Warranty Provider)
A warranty provider is a manufacturer or seller that offers a written guarantee to repair or replace defective products or services under certain conditions.
Cavity
A Cavity is the gap between an external wall (usually brick) and an internal wall (usually block).
CLT – Cross Laminated Timber
Cross Laminated Timber is an engineered wood product consisting of layers of dried lumber arrange at right angles to one another and then glued to form one panel.
CML – Council of Mortgage Lenders (UK Finance)
The Council of Mortgage Lenders now known as UK Finance, is a trade association that represents the banking and finance industry in the UK aiming to: promote safe innovation, customer support and ensure the UK remains a global leader. UK Finance does not regulate firms or mediate disputes, nor can they provide legal or financial advice.
DWP – Developer Warranty Period
The Developer Warranty Period is the first two years post completion of a new build, during which the developer is responsible for fixing any defects or physical damage to the property. This can also be referred to as the Developer Liability Period.
GDV – Gross Development Value
Gross Development Value is an estimate of the total value of a completed property development, It’s a key metric for developers and investors to assess the potential financial return on their investment.
HO – Housing Ombudsman
A Housing Ombudsman is an independent investigation into complaints and disputes between tenants and landlords, aiming to find a resolution.
MMC – Modern Methods of Construction
The term Modern Methods of Construction is used to describe a variety of building techniques that are intended to be more efficient and effective than traditional construction methods.
NHBC – National House Building Control
The National House Building Control is an organisation that inspects new homes to ensure they are built in accordance with building regulations, they aim to protect homeowners and raise house building standards.
Pre-Plaster
Pre-Plaster is a term referring to an early part of the building process, prior to plaster being added.
RICS – Royal Institute of Charted Surveyors
The Royal Institute of Charted Surveyors is a global organisation that sets the standards for the management, development, and valuation of real estate, land, construction.
RSJ – Rolled Steel Joist
A Rolled Steel Joist, also known as a Universal Beam, is a long beam made from hot or cold-rolled steel that is used as a structural support beam in construction and civil engineering.
RV – Reinstatement Value
The Reinstatement Value the cost to rebuild the development/property including demolishment and site clearance
Strip
A Strip is a type of Foundation featuring shallow trench with a narrow strip of concrete running within it.
SUDS – Sustainable Urban Drainage System
A Sustainable Urban Drainage System is a water management practice and facility that manages surface water in a more sustainable way than traditional methods.
Trench
A Trench is a type of foundation featuring a deep trench with a deep strip of concrete running within it.
Unit(s)
Unit(s) is a term used when talking about the number of homes a developer is building.
Terms Relating to Insurance Products:
IBG – Insurance Backed Guarantee
An Insurance Backed Guarantee is a insurance policy that protects a consumer’s original guarantee from a contractor in the event that the contractor stops trading, typically used to cover defective materials or workmanship.
LDI – Latent Defect Insurance
Latent Defects Insurance also known as a Structural Warranty (SW) or Building Warranty, is an insurance policy that covers the cost of repairs or rebuilding for structural damage for a 10 year period after the completion of a construction project.
PCC – Professional Consultants Certificate
A Professional Consultants Certificate is a legal document that verifies a construction project was completed satisfactorily. It is not an insurance policy.
PI – Professional Indemnity Insurance
Professional Indemnity Insurance protects you when working with clients, if a client accuses you of delivering inadequate service then PI insurance can help to cover the cost of your legal fees and compensation.
SW – Structural Warranty
Structural Warranty also known as a Latent Defect Insurance (LDI) or Building Warranty, is an insurance policy that covers the cost of repairs or rebuilding for structural damage for a 10 year period after the completion of a construction project.
Terms Relating to Business Standards
CTSI – Charted Trading Standards Institute
The Charted Trading Standards Institute is a professional organisation that represents and provides training in trading standards in the UK and the globe.
FCA – Financial Conduct Authority
The Financial Conduct Authority is an independent regulatory body that regulates the financial services industry in the UK.
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