RSM Build (Builder's Insurance)
At RSM Build; our experienced specialists can answer your questions and assist the licenced builder, the commercial builder and the owner builder with their insurance requirements.
- Licenced Builders are required to obtain a domestic warranty policy to protect the owner, for all contracts valued at more than $12,000, except for Multi Storey Developments (more than 3 storey), before they commence work - the regulations regarding the policy cover, the limit of indemnity and the duration of the policy vary from state to state.
- Owner Builders are required to obtain a policy if they decide to sell their property within 6 years (in VIC and NSW) or 7 years (in WA) of completion of works - the regulations regarding the policy cover, the limit of indemnity and the duration of the policy vary from state to state.
- Commercial Builders - Commercial Structural Defects Insurance – a requirement in Victoria and Tasmania.
We can also assist with Construction Insurance and many other insurance packages. Our service is first rate – prompt, efficient and friendly.
Contacts and Enquiries:
Victoria & NSW
Jill Truscott Ph: 03 9276 0905
Tasmania
Roger Hosie Ph: 03 6244 7854
Licenced Builder Insurances
RSM Build Pty Ltd provide a full licenced builder service.
We can offer assistance with your domestic warranty eligibility and provide domestic warranty policies (Domestic Warranty Insurance - protects the owner from financial loss caused by incomplete or defective work where the builder is; ‘dead, disappeared or insolvent’ This is called ‘Last Resort”. Home Warranty / Domestic Warranty / Residential Warranty (call it what you like) is a statutory insurance in. ACT, VIC, SA, NSW and WA. The regulations regarding the policy cover, the limit of indemnity and the duration of the policy vary from state to state.)
We can also offer contract works and public liability, Workcover (in Vic), Workers Compensation (in Tas, WA and ACT), business insurances; including office, workshop/joinery, tools and commercial motor vehicle, and all personal insurances.
If you would like to discuss your current situation / needs or you require a new eligibility facility; please contact us for assistance.
Back to top
Owner Builders Insurances
RSM Build Pty Ltd provide a full owner builders service. We can offer coverage for the actual works, public liability, workers compensation where applicable, materials in storage or transit, and tools and plant used in your construction that you own, or are legally responsible for.
If you sell your home within 6 years* of completion of an owner builder project costing more than $12,000*, you are required to provide “Owner Builders Warranty” insurance to the purchaser of the property in respect of that work. This applies to Victoria, NSW and WA.
To be eligible for Owner Builders Warranty insurance, you will need to supply us a completed application form, together with:
- All building approval certificates
- All plumbing and electrical certification
- All final inspection and completion certificates, and
- An Experts Report
The experts report must be very specific and be carried out by an appropriately qualified person carrying professional Indemnity Insurance. In Victoria, we recommend “Independent Property Inspections” who have a specific "Owner Builder’s Warranty Expert Report” You can find them at the link below.
IPI (Owner Builder’s Warranty Expert Report)
Owner Builder Warranty Application
Link to form
Lumley Owner Builder Warranty Policies
OBW Victoria
* Threshold varies from State to State, and may be varied by statute or regulation in each state from time to time without our knowledge. Check with RSM, or your conveyancing agent or solicitor if you have any doubts.
Back to top
Commercial Structural Defects Insurance
Commercial Structural Defects Insurance is a mandatory requirement for Commercial and Industrial Builders who wish to operate in Victoria and Tasmania.
The insurance is mandatory to maintain a commercial builder’s licence in Victoria, and is required if the prescribed form of Construction All Risks insurance is not in place for Tasmanian licensees. The CAR cover prescribed includes compulsory Existing structures and contents cover, and cannot exclude vibration or weakening of supports.
The requirement for Structural Defects Liability insurance has arisen as a result of the Building Act reforms introduced into Victoria in 1994 and Tasmania in 2003. These replaced the principal of 'Joint & Several Liability' with that of 'Proportionate Liability'.
This change meant that to ensure consumers remained adequately protected Commercial Builders had to take out insurance to protect against their faulty or defective workmanship.
Back to top
|
