Question regarding PCI and H&C Insurance

sohcan22 · Nov 07, 2023 11:47 am

We are approaching the final part of our build (first time builder)
Our builder has booked us in for a final walkthrough on 18/11 and to also sign some forms and we are to provide our H&C insurance certificate (to commence from the 19th) and the signed forms so that our bank will release the funds for the final payment.
We will both sign a defects list + a list from our private inspector that the builder agrees to amend all things on the list before paying.
Once the funds clear, our builder says that he will meet with us again for official handover and mentioned that any defects that need fixing will be done after our walkthrough and before handover of the keys.

Some questions for those that may have experienced this already:

- Its concerning for us that after the 18th essentially everything in the home will no longer be insured by the builder but will be under our H&C. Are there any suggestions on how to modify this? There is a builder site camera that will stay on site until keys are handed over
- Ive read that some people have suggested delaying the final payment until all defects are rectified or even asking for keys right after we pay, even if there are things in the home to be addressed
- Any other suggestions or input on how things could be done differently would be appreciated

Pedro4137 · Nov 07, 2023 4:01 pm

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 invoice to agree on defects and incomplete work, the builder can also dispute at this point. That is when both parties sign a list of work to undertaken.

when work completed, can pay final invoice.

consumer affairs advises any known defects or incomplete work must be addressed prior to handover