Browse Forums Building A New House 1 Oct 07, 2019 6:08 pm Hi all, Builder has completed the build 1 month prior to the ETA provided, and the PCI and handover is still not complete and has sent my the final invoice and which states that the insurance is lapsed. Should I be making the final payment before the final inspection, which I am planing on scheduling in a few weeks since I am travelling on work. Is this a common practice, that the builder can lapse the insurance without enough noticed, simply by sending my the final invoice and even before handover. Please advice on what I should do, if I should go ahead and take my own insurance. Little confused here since I spoke to my friends and they told me that the builders insurance is convered until the day the keys are handed over. Cheers. Re: builder insurance lapse 2Oct 08, 2019 6:45 pm brightstarshine Little confused here since I spoke to my friends and they told me that the builders insurance is convered until the day the keys are handed over. Thats what i thought as well. Fairly certain i read that you need to have insurance from (including) the day you get the keys. Re: builder insurance lapse 3Oct 09, 2019 12:09 am The question is who pays for the insurance until pratical completion? I understand the handover process is complicated, does that mean the work is completed if the keys are not handed over and there a small number of fixes? Hi All, I just wanted to close this topic out with an update. So we ended up agreeing to a number with the insurance company, and after an extensive amount of hand… 8 24599 I apologise for any confusion, but your understanding is correct. We approached our situation differently based on advice from… 11 54474 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… 1 5223 |