The Home Builders Federation and the UK builders have established a Protected Cell Insurance Company in Guernsey which will provide the insurance to the lenders under NewBuy as well as being the conduit for the Guarantee from HM Government.
JLT will operate the scheme’s insurance administration through a joint initiative Lloyd & Partners Limited, JLT Specialty Limited and JLT insurance Management (Guernsey) Ltd.
Steven Rance, partner at JLT, said: "Since the downturn in mortgage lending in the new build sector has been significantly constrained and the construction of new homes is at its lowest level for over a generation.
“This scheme will facilitate the building of new homes and greater mortgage availability for home buyers which in turn will create more jobs and support for the economy."
JLT has spent three years developing the legal framework, scheme structure and systems for the scheme.
Stewart Baseley, executive chairman of the Home Builders Federation, said: "NewBuy will be vital for house builders large and small to build the homes and create the jobs and investment the country desperately needs.
“JLT has played an important role in helping to construct this scheme and we look forward to working with them to kick-start the housing construction sector."
