Browse Forums Building A New House Re: Vacant Land Insurance 21Jul 04, 2014 5:49 am Carry your own risk. Purchasing an insurance product is like going to the roulette wheel..........the house always wins. If youve got the time(and money) to worry about the consequences of a tree falling and your unclear liability for any damages, then I guess you will find an insurer to cover you for this 1 in 20,000 probability. I'm going to leave any possible premium in my cash box and get another Beer from the Engel. Saving money on quality stuff done right firstime Our Build Thread https://forum.homeone.com.au/viewtopic.php?f=31&t=66810&p=1094349#p1094349 Re: Vacant Land Insurance 22Jul 04, 2014 7:14 am B STAR I think I worked out where we differ. I don't believe you can be liable without be negligent? Like I said it would be interesting to understand how many people have previously been liable without be negligent. I would not be surprised if the number is 0 in the last 12 months. So nothing that has been said on the topic has gotten through, has it? What you personally believe does not come into it. You CAN be liable without being negligent. Period. Read they hypothetical scenario I have you. Nothing about that indicates negligence but carries liability. Youve clearly learned something during your course that has set an understanding in your mind that is now very difficult to undo. It's just very lucky that when you build a house for yourself or someone else that the cover is bundled up into the builders insurance that you must take. Your only concern now is to ensure you personally observe safety and not be negligent in your approach to work. This is the reason you are required by law to have third party compulsory for your car. Because if it wasn't compulsory people like you who just don't get it would be driving around with zero cover. Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. Re: Vacant Land Insurance 23Jul 04, 2014 8:08 am What Ponzu said... I don't think I can explain it again from what I've already done in previous posts. But bottom line is, yes you can be liable without being negligent -just simply by being the property owner. It happens, I've seen it happen and they aren't clear cut, quickly settled cases... Many determining factors involved. Thread: viewtopic.php?f=31&t=66299 Slab: 16/6/14 Frame: 4/7/14 Roof: 22/7/14 Lock Up: 20/8/14 Fixing: 26/8/14 PCI: 9/10/14 Handover: 20/10/14 Re: Vacant Land Insurance 26Jul 04, 2014 8:31 am Ah yes it is lol. Its why it called cumpolsory. You cannot drive a car without it. Nex time you read your rego invoice, take a closer look for what youre paying for. Ctp is compulsory and coverd personal injury to third parties. Youre talking only about the additional insurance. Which youre dumb not to get. Jeez. .. Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. Re: Vacant Land Insurance 27Jul 04, 2014 8:44 am Ponzu I see why you didnt want to bother in the first place deluxes... Hahaha. Not worth the blood pressure spikes.. Spent years in a claims department with people telling me how they thought insurance worked and they get it in their heads it's a certain way and that's that. Won't be told, or leave their original train of thought for all the time or sense in the world... Hence my initial reluctance to start walking down that twisted path again Re: Vacant Land Insurance 28Jul 04, 2014 11:24 am Hey guys this is a good debate. I having a good time here. It sometimes very difficult to work out what true and whats not. I am sure its not the first time insurance companies are trying to flog product you dont need or cant use. In relation to CTP yes I am aware of that being on your rego. But I didnt put that in the sae context of what we are talking about. We are talking about a lot of difference insurances for different purposes. The CTP insurance I was thinking of was for property damage and not personal injury as in the case of NSW where all cars need to have third party insurance not like here in Melb. Re: Vacant Land Insurance 29Jul 04, 2014 11:59 am It's all good As you can appreciate, it's just 10x more difficult to get on the same page over forum posts! Thread: viewtopic.php?f=31&t=66299 Slab: 16/6/14 Frame: 4/7/14 Roof: 22/7/14 Lock Up: 20/8/14 Fixing: 26/8/14 PCI: 9/10/14 Handover: 20/10/14 Re: Vacant Land Insurance 30Jul 04, 2014 12:50 pm I was told that I needed to insure a 50m2 piece of crown land, rang around ,no one would do it , then found a broker who quoted me $500 a year! For goodness sake a 50 square meter block of land we will drive over to access our land. since then found out we didn't need it after all, just as well since we said stuff that , not paying it lol. Lorri Re: Vacant Land Insurance 31Jul 04, 2014 12:58 pm B STAR It sometimes very difficult to work out what true and whats not. I am sure its not the first time insurance companies are trying to flog product you dont need or cant use. . Its not hard to work out what is true. Its just about detail. Sometimes the order of words in a policy can change the meaning entirely. Insurance is a product and the companies that underwrite it are a business out there to make money. However Insurance companies don't just "sell/flog" a product you dont need or use. They are governed by very strict regulations that prevent that sort of behaviour. That doesnt mean that if some person who has zero idea about the product cant buy a policy they dont need. Of course they can, and the person will sell it. But not because they are being dodgee, but because of the same rules and regulations that prevent the impropper sales of the product also limit those without qualifications from questioning the persons needs. its called personal advice VS general advice. most peolpe at an insurance company are required to be qualified to provide general advice only, and that is where the confusion always comes into it. Customer asks a question and teh response is usually general. It does not considder tehir personal circumstances. If somone wants to know whether a product coveres their personal circumstances, they need personal advice. You wont generally get personal advice from an insurance company (without paying for it). Even then there may be conflicts of interest. To put this in perspective if I call an insurance company now and say "I want public liability insurance for 100milion dollars for my vacant block" they will sell it to me, because that is what i want. They will tell me what it covers me for, under what circumstances and how much it costs. They will not tell me whethe rit is suitable for my needs. There is a reason that there is a cooling off period. If I however go to an insuarnce broker qualified to p[rovide personal advice on insurance products, he may actually advise me that i dont need it, or need a different product tailored to my risk profile. Assuming that insuarnce companies are just stooging you is bourne from not understaning the often complex nature of the product. As deluxes said, people get it into tehir head how it should work without understanding how it actually works. Thats not the insurance companies fault. Thats actually a reflection on society having become a "gimme now" consumerist socety that doesnt read contracts, T&C's, clauses, do tehir own learning or due dilligence on what theyre getting into. Its why credit card statements now tell you how long it will take you to pay them off if you pay only the minimum monthly payment. People just assume. People are very ignorant these days and that just comes back to bite them. understand your risk, know your risk tollerance, apply a solution that fits your needs. I hope in having good fun here, youve also learned something. There is not much more to say on the topic as its pretty much covered. Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. Re: Vacant Land Insurance 32Jul 04, 2014 4:55 pm I also provide pure air insurance: $280 a year, remit to me immediately to take advantage of this special offer. Saving money on quality stuff done right firstime Our Build Thread https://forum.homeone.com.au/viewtopic.php?f=31&t=66810&p=1094349#p1094349 Re: Vacant Land Insurance 33Jul 04, 2014 7:49 pm Wandin Valley I also provide pure air insurance: $280 a year, remit to me immediately to take advantage of this special offer. Shame you can't insure against stupidity Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. 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 7897 I apologise for any confusion, but your understanding is correct. We approached our situation differently based on advice from… 11 53175 |