Browse Forums Building A New House 1 Mar 17, 2012 6:30 am Hi I am about to sign a home building contract with Eden Brae, and a bit worried about below risk & indemnity clause. could any one experienced the same, and any advise how to handle this ? Much appreciate your help 1. The builder is not responsible for personal injury , death, property loss or damage caused by war or terrorism. The owner is responsbile for such injury , dealth , damage or loss 2. Except to the extend limited by another provision of this contract, each party indemnified the other against: (a) loss of or damage to property ( other than the building works); and (b) claims in respect of personal injury or death, arising out of or as a consequence of a cause or event at that party's risk. Re: Risk & Indemnity - who is responsible - builder or owner 2Mar 17, 2012 7:00 am Anyone know if buying a public liability insurance cover this, in case the builder's insurance is crap and useless...or am I just being paranoid? 13-08 Moved in 13-05 Build restart 13-04 VMIA compensation 12-08 Builder liquidation 12-03 Fixing 11-12 Lockup 11-11 Frame 11-09 Slab 11-09 Start 11-07 Contract 10-11 2K deposit 10-06 Titled land Re: Risk & Indemnity - who is responsible - builder or owner 3Mar 17, 2012 7:24 am i'm pretty sure you are being paranoid, as I understood building contracts to be pretty standard things. Those clauses look like standard clauses to me. You should obviously seek legal advice, as I am not a lawyer. http://www.fairtrading.nsw.gov.au/Trade ... racts.html Re: Risk & Indemnity - who is responsible - builder or owner 4Mar 17, 2012 8:26 am Most insurances policies exclude war and terrorism so thats fairly standard. The other clause really says the the liability is no more than the insured amount - The key is to check what the insured amount is! The Harder You Try - the Luckier You Get ! Web site http://www.anewhouse.com.au Informative, Amusing, and Opinionated Blog - Over 600 posts on all aspects of building a new house. Re: Risk & Indemnity - who is responsible - builder or owner 5Mar 17, 2012 8:51 am You should have had to provide the bank all the insurance papers and certificates of currency from the builder. These have the amounts of cover etc on them Re: Risk & Indemnity - who is responsible - builder or owner 6Mar 17, 2012 11:36 am Yep, those look like standard clauses for me. The first one looks like a "force majeure" clause meant to cover extraordinary events which can't be predicted by the insured party. The second one appears to limit liability to the extent of the contractors liability. Not an insurance professional here either but it looks like things I've seen before Alan Hi VK, I am now retired however I have stood beside over 300 owner builders in the past 18 years that have successfully built their own homes. First of all a building… 10 22562 Hi all. Anyone know when the $11,000 limit was set in legislation for renovations in QLD? Ive been renovating for 5 years now and this was the limit back then. As we know,… 0 4237 |