builder insurance lapse

brightstarshine · Oct 07, 2019 7:08 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.

Neatep · Oct 08, 2019 7:45 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.

brightstarshine · Oct 09, 2019 1:09 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?