Home Builder Awards 2021

Home Builder Awards 2021 BUILD 33 Feb21230 n 1995, PWSC opened its doors, offering warranty administrative services to builders across the nation. Now, it offers an increasingly innovative set of solutions that are specifically designed to meet the stringent requirements that today’s housing market faces. As the needs of the industry change, so too must the way in which the industry works. PWSC has spent the last twenty-five years developing breakthrough products and services that ensure their clients have risk management incorporated into their home building offering. It lies at the heart of their corporate strategy. As such, the team has become indispensable to those who work in the new home construction ecosystem. The firm’s signature product is the Signature 10-year insured Builder’s Limited Warranty Program. Designed to ensure that builders communicate appropriate expectations with their home buyers, this express warranty promotes the highest levels of quality and service. It’s the sort of agreement that you want associated with your company. Each warranty is backed by Steadfast Insurance, an A+/XV-rated member of Zurich North American Group. The document clearly defines builder liability for workmanship and materials defects and fills the gap in a builder’s liability coverage by covering the cost of repairs for structural failures in years three through ten. Builders and homeowners benefit from this clear and plainly written approach to the warranty industry. Most risk management programs have not evolved to meet the modern challenges faced by builders and their insurers. The average claim settlement amount has increased by nearly 35% in recent years, and that does not include defense costs. Traditional methods of risk management no longer offer enough protection from rising settlement amounts and increasing claim complexity. The work that PWSC offers is vital to ensuring that the industry, as a whole, can continue to operate successfully. Of course, PWSC is just a small part of the home building industry, but it is a part which their clients rely on when the worst happens. As such, serving clients to the best possible extent guides every initiative that is made and every product development plan that is embarked on. The PWSC team works tirelessly to ensure that their products always meet the needs of their clients. They talk to people from every part of the industry, including builders, insurance professionals, property managers and homeowners in order to discover ways in which they can assist, problem solve, and provide value. Instead of presenting more challenges in this complex area, the PWSC team is trusted for their work as the honest broker. One of the clearest ways in which PWSC has innovated is in their recent delivery of ClearView Risk Services, which includes the Quality Construction Pledge and Insurance Claims Management. This proprietary creation is the housing industry’s first truly proactive builder risk management program. The program is designed to act as a comprehensive construction defect solution and litigation avoidance tool. The program minimizes exposure by proactively reducing the likelihood of claims at every stage. This is a boon to an industry that has grown to be highly litigious and often suffers from a lack of meaningful data throughout construction and the life of the home. The success of PWSC comes from the team’s commitment to delivering service that goes above and beyond. When people look at this organization, they see a name that they can trust. In this industry, reputation is everything and PWSC has a reputation that is second-to-none. Company: Professional Warranty Service Corporation Web Address: www.pwsc.com Address: 4795 Meadow Wood Lane, Suite 300 West Chantilly, VA 20151 Telephone: 800.850.2799 I Best Home Warranty Product Provider - USA The housing market continues to change and fluctuate, but the need for risk management solutions remains constant. The team behind Professional Warranty Service Corporation has designed ground- breaking ways of addressing the complexity of what America’s builders of new homes experience. We take a closer look at how they’ve benefitted the industry at large in the light of their success.