- June 18, 2019
- Posted by: MarketScale Operations
- Category: Podcasts
There are home warranties, car warranties, and service warranties, but what about coverage for one of the single largest capital expenditures in a building? On this episode of Roof Talks, host Tyler Kern sat down with Rick Lewis, CEO of Fortis Warranty to discuss how building owners can defer expenditures, such as replacing a roof, with a commercial roof warranty.
According to an article on Roofing Contractor Magazine, 80 percent of commercial roofs are replaced prematurely. “Age and the fact that it’s leaking isn’t the sole determinant whether a roof needs to be replaced,” Lewis said.
Typically, a roof leak is an “isolated incident in a high-risk area where there is perimeter penetration,” Lewis explained. Within the last 10 to 15 years, roofing material quality has begun exceeding the manufacturer material design life.
Essentially, that means roofing materials are capable of lasting longer than they have and often can be repaired instead of automatically replaced.
“We’re prolonging a roof’s life cycle with our proprietary roof methodology,” he said. “We’re doing so…through reconditioning the roof and the issuance of our performance guarantee.”
Denver-based Fortis uses proprietary inspections and reconditioning protocols to precisely estimate the useful life of a building’s roof. As such, Fortis can write commercially roof warranties backed by Lloyd’s of London.
“No one wants to spend money on a roof for sure,” Lewis said. “It’s out of sight and out of mind until it isn’t. But when it isn’t — when it leaks, it’s disruptive for everyone- this is a solution.”
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