Construction Insurance may be obtained to cover a single project or a group of projects annually, whether they be simple or complex, residential or commercial, civil or mechanical, even the owner-builder.
Construction Insurance covers the main risks involved in the process of building, including theft, vandalism, damage by storm, fire, wind and water. Importantly, it will also include Public Liability to cover personal injury and property damage suffered by a third party during construction for which you are responsible for. Other possible needs you may want to ensure are covered, should the unforseen happen, are the costs of demolition, removal of debris, professional fees, storage, tools of trade and on hired plant and equipment.
Owner builders need to be aware that when the value and complexity of their renovations cause their existing Home Insurance and Liability to be suspended or cover reduced, they will require Owner-Builder Construction Insurance to take over the project and the rest of the home to ensure they still remain insured.
Builders Warranty is a statutory obligation for all Licensed Builders carrying out residential projects in Australian Capital Territory, New South Wales, Northern Territory, Queensland, South Australia, Victoria, and Western Australia, subject to the respective state or territory obligations. Builders Warranty covers loss or damage resulting from non-completion of work, loss of deposit or breach of statutory warranty. Cover may be triggered due to death of the builder, disappearance of the builder, and insolvency of the builder. In New South Wales, cover may also be triggered if the builder has not satisfied a money order issued either by a court or tribunal.