Commercial Structural Defects Liability Insurance

May 2009

In Victoria all commercial builders who wish to undertake structural work are obliged to purchase a specific type of insurance.

Since the demise of HIH Insurance in 2001 the market for this insurance has been limited to only a couple of very expensive insurers. In 2007 we negotiated a competitive alternative with Liberty International Underwriters and have successfully promoted this to the market since then.

As a result the premiums for this insurance have dramatically reduced!

We continue to market this insurance to builders and we are obviously still extremely competitive as the numbers of builders taking up our offer are increasing steadily.

As part of our move to streamline the process many of you who currently insure with us will notice a change to the extensive information required for renewal. We are committed to reducing the paperwork for you to the bare minimum.

It is interesting to note that our competitors are now adopting a similar approach!

May and June each year are the busy periods for the renewal of commercial builder registrations with the Building Practitioners Board. If you have not already secured insurance with us for this product then we recommend you get in early and check out how competitive we can be!

In Tasmania, commercial builders were also required to purchase this insurance but in 2007 the government allowed builders to purchase either one of two types of insurance. Subsequent to this, in 2008 the government only required the mandatory purchase of Construction Risks insurance.

 
 

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