Reduce Risk! It's our core competency.
Building used to be about building homes, but in today’s business environment, builders have to worry just as much about insurance, liability, paper-trails, contracts, and transparent accountability. A builder has some liability for every component in every home in every community they have built for up to twelve years (in some states). And during a time when homeowners feel their homes have been somewhat devalued by market forces, they are more apt to “protect” their investments in the form of lawsuits. What makes this a perfect storm is that as many builders downsize and cut costs, the lack of maintainable resources leave them more vulnerable to legal action.
Despite the minefield of risk and legal action, a builder can actually reduce their exposure to risk if their documentation is in good order. The key to reducing your risk is smart information transfer.
We collect all the necessary maintenance, warranty, and other essential details and deliver comprehensive packages for the Homeowner, Board, and/or property management team to follow. Compendia products document product-specific maintenance requirements for homeowners and board members to take care of what you built. Managing your documentation is our core competency and our products are comprehensive enough to offer you an “affirmative” defense when lawsuits arise.
Compendia helps mitigate builder risk by:
- Providing documentation that promotes a strong affirmative defense for CDL, warranty claim or other lawsuits.
- Meeting the compliance requirements of all 50 states right to repair laws including CA SB800, TX TRCC requirements, AZ HB2620, NV SB241, FL SB1286, WA SB5536, CO HB1161 and many others.
- Lowering a builder's risk profile, which in, turn may reduce insurance premiums and legal expenses.
- Promoting smart transference of maintenance and warranty information.
- Simplifying warranty issue operations including the warranty recovery process.
- Ensuring instant access to the right document at the right time: eliminating the epidemic of missing or misfiled documents.
- Establishing best practices and processes regarding corporate accountability.