- Virtually any work that required a building permit and some that did not. This includes any new home, renovation/alteration/extension, improvements and repairs to the home, garages, carport, sheds, pools.
- Owner-renovator work
If Owner Builder Warranty Insurance is not obtained and your property is sold you risk fines and penalties of up to $10,000. The prospective purchaser also has the right to pull out of the sale agreement without any penalties.
Obtaining Owner Builder Warranty or Indemnity Insurance is a LEGAL responsibility. As an Owner Builder/renovator it pays to be aware of all your liabilities
Obtaining Owner Builder Warranty or Indemnity Insurance is a LEGAL responsibility. As an Owner Builder/renovator it pays to be aware of all your liabilities.
Are you storing appliances onsite? Make sure policy is covering you. Are Subbies covered? Most policies do NOT cover subcontractors that you employ onsite! Make sure you check your policy.
Usually it is a condition of the insurance that all subcontractors must:
- Have a minimum of $5,000,000 public and products liability insurance and relevant employers liability insurance;
- Conduct a thorough safety inspection of the Construction Site prior to beginning any work or delegating any work;
- Be required to comply with all relevant safety requirements applicable to the work they will be conducting on the Construction Site; and
- Be accredited or licensed where applicable for the work they or persons under their instruction and/or employment are performing
The policy is effective whilst a registered builder is completing a renovation/addition or modification project to an existing home. It is divided into 3 sections
1. Renovators Home & Contents insurance covers loss or damage to the existing home & Renovation during the Construction period.
2. The policy also provides protection from legal liability from third parties for personal injury or property damage
3. The policy also provides an option to include home contents.