In conjunction with my other question that I just posted, we are having a few issues going on at the moment mostly related to inadequate storm water drainage on our property - but also lots of other things (some related to the storm water drainage - ie backlogged down pipes causing overflowing of guttering and flooding inside windows) and some not related - but overall, they are mostly ALL plumbing issues.
We have a 'Residential Owner Builders Warranty Insurance' which the OB took out prior to settling the property (it was not in place beforehand, luckily our solicitor noted it was not included and made them take it out before we settled).
My question is - IF we put in a claim against this insurance - and we are successful, does the insurance company fork out to do the work/rectify the situation - or do they get the OB to come back and complete the work. Ie, is this 'our insurance' against the building work - or the OB insurance incase we make a claim - IYKWIM.
For eg, I am trying to fathom..... if the OB have done something not compliant, do they get around fixing it themselves because they have insurance? (And if so, wouldn't that mean heaps of builders could cut corners saving them thousands, and if they take out a measly insurance policy then they don't actually fork out for rectifying - the insurance company will????).
And, when we contacted the insurance company regarding another small matter that is now actually gone on the back burner until we address this far more pressing/larger issue - we were told that builders insurance is not worth the paper it is written on and largely cannot be claimed against unless the builder dies or leaves the country???? WHAT THE???? As I (jokingly
Anyway, can anyone please tell me how insurance works - if it is actually 'worth' something and what kind of things you can claim? And how do we claim?
(We are thinking of going through VCAT first before going through insurance but just trying to gather all of our info/options - knowledge is power, kind of thing).
Thanks folks
HHCIB