Browse Forums General Discussion 1 Jul 02, 2021 4:10 pm Hi. Just want clarification. DBI covers if the builder dies, goes insolvent etc and is per a property. I want to know however what type of insurance is needed if for example during the building stage, the construction has a fire. From my understanding the builder will have some sort of separate insurance that covers all the constructions they are doing and covers issues such as fires or damage to the properties done through either criminal acts or natural disasters etc. Can someone explain to me that, and where do I get that from Re: Domestic Building Insurance and Builders Insurance 2Jul 02, 2021 5:08 pm donaldlj Hi. Just want clarification. DBI covers if the builder dies, goes insolvent etc and is per a property. I want to know however what type of insurance is needed if for example during the building stage, the construction has a fire. From my understanding the builder will have some sort of separate insurance that covers all the constructions they are doing and covers issues such as fires or damage to the properties done through either criminal acts or natural disasters etc. Can someone explain to me that, and where do I get that from donaldlj The builder should take out "Contract Works " insurance for your build and you should site a copy of that along with Public Liability and in NSW workers comp. Not sure what they have in other states As for you getting your own insurance I am not sure, but it might be worth talking to a broker in your local area and asking them. Just google "Insurance Broker" and insert you local area. Call them and find out If you get an interesting answer I would love to find out Have a great weekend Best regards Simeon Architectural Homes & Duplexes - specialising in custom designing homes to your budget Get a Free Onsite Consultation Today or send a PM for information, questions or advice. Re: Domestic Building Insurance and Builders Insurance 3Jul 02, 2021 5:14 pm Thanks Simeon I should state that this is in Victoria, and no, I didn't mean that I would personally take out any insurance, but just wanted to understand all the different insurances that are needed for a builder when building a home. I think from your answer below, the "Contracts Works" insurance is same as the Domestic Builders Insurance we have in Victoria and then the Public Liability Insurance is the other insurance that the builder needs that basically covers all other claims against a builder with regards to the construction they do Re: Domestic Building Insurance and Builders Insurance 4Jul 04, 2021 2:09 pm I have have put the the weblink below for Victoria for more information. Builders require Domestic Building Insurance (DBI) for work over $16,000 through VMIA but 'junk' insurance if they are not insolvent, have disappeared or died. Professional Indemnity Insurance Before the VBA can grant your application for registration as a building practitioner, you must provide proof that you are covered by the required insurance, or are eligible to purchase the required insurance (for domestic builders only). Professional indemnity insurance covers the practitioner against legal liability resulting from any claim made during the period of insurance. They need professional indemnity insurance for registration in any of the following building practitioner categories and classes: Building surveyor (unlimited) Building surveyor (limited) Building inspector (unlimited) Building inspector (limited) Building inspector (pool safety) Quantity surveyor Endorsed Building Engineer (civil, mechanical, electrical and fire safety classes) Draftsperson (building design) (architectural, interior and services classes). https://www.vba.vic.gov.au/building/renewals-other-requirements/building-insurance-requirements Further information can be found on the Consumer Affairs Victoria website for building and renovating. https://www.consumer.vic.gov.au/housing/building-and-renovating Re: Domestic Building Insurance and Builders Insurance 5Jul 04, 2021 4:33 pm Thanks Harts Yes that was the insurance I was talking about and it was, more specifically Construction Works (Contract Works), Public and Product Liability Insurance for Builders (https://www.hiainsurance.com.au/Product ... -Insurance) Just another Noob question then, How can I ensure that the builder I have chosen does have this insurance? Can I ask the VBA of a copy of the builders insurance? The reason I am asking is that the Bank wants to see proof that the builder has this type of Insurance. Re: Domestic Building Insurance and Builders Insurance 6Jul 04, 2021 6:59 pm donaldlj Thanks Harts Yes that was the insurance I was talking about and it was, more specifically Construction Works (Contract Works), Public and Product Liability Insurance for Builders (https://www.hiainsurance.com.au/Product ... -Insurance) Just another Noob question then, How can I ensure that the builder I have chosen does have this insurance? Can I ask the VBA of a copy of the builders insurance? The reason I am asking is that the Bank wants to see proof that the builder has this type of Insurance. You can ask the builder for his Certificate of Currency for his insurance. I would also be checking the practitioners on the VBA Practitioner register and also the Disciplinary register. https://www.vba.vic.gov.au/tools/find-practitioner On 1 July 2021, the registration of engineers engaged in the building industry transferred from the Victorian Building Authority (VBA) under the Building Act 1993 (the BA Act) to the Business Licensing Authority (BLA) under the Professional Engineers Registration Act 2019 (PER Act). As part of this change, engineers are no longer visible from practitioner searches made on the VBA website. Head to Consumer Affairs Victoria to search for professional engineers. Hi Suku18 In NSW the statutory required insurances are: 1. HBCF ( Home Building Compensation Fund) - This is if the builder dies or goes broke. But this only covers 20%… 1 2714 i would not be signing anything on the day read your contract about when builder submits final invoice generally, have to meet builder within 7 days of receiving final… 1 4748 Thanks again Simeon for being so elaborate. Appreciate it. Its gives us a very idea. Kind Regards 4 3691 |