Browse Forums Building A New House 1 Jul 09, 2012 6:12 pm just a quick question, we received today in the mail from QBE, a certificate of insurance from them, that obviously our builder has taken out. all the details look correct, the 2 points that im not sure on is this the contract price is correct at 357,000 1. This cover is only provided if the builder has died, becomes insolvent or has dis-appeared. IS THIS NORMALLY STANDARD/CORRECT WORDING? 2. under the section of "maximum policy limit for all claims made under this policy" is 200,000 *inclusive of all costs and expenses. - IS THIS STANDARD NORMALLY CORRECT FIGURE? 3. under the section of "maximum policy limit for claim for non-completion of the domestic building works is" - 20% of the contract price - IS THIS STANDARD NORMALLY CORRECT PERCENTAGE? Sorry for all the questions I just have never seen this document before? Also what does this mean if say stuff goes missing from our site during the build or defects etc? thanks in advance. Re: certificate of insurance new build - please help. 2Jul 09, 2012 7:37 pm Yes sadly this insurance is really pathetic. Have a look at this informative site where the insurance is described as junk. http://www.builderscollective.org.au/ @builderforlife Building inspector and passionate about construction When you need an expert to take a look. Re: certificate of insurance new build - please help. 4Aug 09, 2012 6:19 am Hi tengals. I actually work in the insurance industry and specifically in builders construction and warranty. And yes this is the wording. As a person in the industry I can tell you that even we think its the most useless insurance there is.. but its the law. Its actually the government who set out the wording.. well in a way it is, but that's the way the legislation is. So it can not be altered or changed. Its also only for structural defects only.. But in saying that as I know you're building with henley and they provide a 50 year structural guarantee.. I don't know if this helped or confused more. But research it more online. Building Henley Monaco Nouveau Q1 - Mernda Villages https://forum.homeone.com.au/viewtopic.php?f=31&t=57810 http://razbuild.blogspot.com.au/ 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 2709 Hi there, long-time lurker but first time posting. I've bought a house 2 and a bit years ago and last year we had some major water damage on a converted pergola area… 0 7930 Not unless you have managed to put it as a special condition into the contract somehow. 1 6154 |