A Certificate of Verification (COV) shows that the electrical circuits in a property are safe and in acceptable condition. Insurance companies can request COVs during property sale negotiations, and banks often won’t sign off on a mortgage settlement unless there is property insurance compliance with a COV. Older properties more commonly need a COV for mortgaging.
The process of getting an electrical COV will uncover any potential electrical hazards that could be risks to your property, family or staff. Banks rely on insurance to safeguard their loans, and insurance companies request COVs to be sure the electrical systems in your property are safe.
COVs are commonly requested when buying or selling properties, or for peace of mind for a property owner.
A property might need a COV:
When purchasing
- As a pre-purchase insurance requirement for mortgage settlement.
- As a pre-purchase ‘due diligence’ condition of sale or to be sure about the condition of the property.
- As a post-purchase reassurance measure to give you peace of mind about the condition of the property.
For electrical issues
- As an electrical check-up, when you have general concerns about the state of the electrical systems or are having intermittent faults (weird ‘now-and-again’ faults).
When selling
- As evidence of the condition of your older home or investment property.
