Structural Defects Liability Insurance

Structural Defects insurance provides indemnity to the builder for their liability arising from a structural defect occurring in a building they have completed. This insurance is a unique product that delivers significant benefits. It is effectively a Design & Construct policy (albeit limited to Structural Defects) that also extends to include your defective workmanship. It is significantly different to the Domestic Warranty as this policy provides real indemnity to protect your assets where the insurer does not seek recovery from you!

BRIC administer an exclusive arrangement for Structural Defects insurance, which has been negotiated with Liberty International Underwriters. This major Licensed Australian insurer has agreed very competitive rates and a number of alternative bases of cover that can improve your premium further.

Structural Defects Insurance arose out of the Building Act reforms introduced into Victoria in 1994. 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.

Whilst from the 1st July 2014 this insurance is no longer a requirement of the Commercial Builder registration, if you have previously purchased a Structural Defects Insurance policy we recommend you continue to purchase the insurance to maintain ongoing cover for past and ongoing work.

 

 

 
 

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