Browse Forums Owner Builder Forum Re: Owner Builder Insurance 32Apr 29, 2009 6:11 am It was a while back but I do recall that I needed PL insurance. May have been a council requirement though. In an ideal world we would not need PL insurance however in a matter of a minute my partner who builds houses for a living gave me half a dozen examples where something could go wrong. He could of kept going with the examples also. My partner did remind me that as an OB you have the same responsibilities as a reg builder. He did say that with the examples provided if he were to injure himself he could sue. Remembr that many tradies charge out at over $40 p/h so it could be costly. My partner also said that it's likely that even if he went through his insurance that they will most likely sue the builder to cover the costs. Just some food for thought. Re: Owner Builder Insurance 33Apr 29, 2009 9:01 am The other question with PL is whether to go $5m or $10m. I was thinking $5m would be more than enough however I have heard some horror stories regarding what courts can make you pay if you are found liable for something and of course you also have to pay the other side's legal costs. The other thing to think about is the increase in costs of materials and labour. If a matter isn't settled until 5 years later, I imagine that costs may well increase by 15-20%. Re: Owner Builder Insurance 34Apr 29, 2009 9:42 am ![]() The other question with PL is whether to go $5m or $10m. I was thinking $5m would be more than enough however I have heard some horror stories regarding what courts can make you pay if you are found liable for something and of course you also have to pay the other side's legal costs. F D Beck quoted us $60 more premium for $10million than for $5million. JB Re: Owner Builder Insurance 35May 01, 2009 2:19 pm [quote="loretta"]The other question with PL is whether to go $5m or $10m. I was thinking $5m would be more than enough however I have heard some horror stories regarding what courts can make you pay if you are found liable for something and of course you also have to pay the other side's legal costs. I am pretty sure no matter how much insurance you have. If you have are negligent the insurance company have every right to can and chase you for the money. Public Liability protects the community not the owner. Re: Owner Builder Insurance 36May 07, 2009 3:53 pm FD Beck seems to be the winner then ![]() Anyone ever had to claim anything with them and if so were they easy to deal with? Re: Owner Builder Insurance 38May 07, 2009 4:56 pm Hi gettingthere it depends entirely on the value of your build - you will probably find that if you are insuring your build for $350 then obviously 35k is 10% and so much of a muchness. L Re: Owner Builder Insurance 39May 07, 2009 4:59 pm ![]() Hi gettingthere it depends entirely on the value of your build - you will probably find that if you are insuring your build for $350 then obviously 35k is 10% and so much of a muchness. L Duhhh! What was thinking?!?! LOL Thanks for that ![]() thanks emmab the home is an extension and renovation and it was less than 10 years ago 4 10349 In NSW, an owner builder is one whom has obtained an owner builder certificate a builds a house. Minor repairs such as these do not fall under the scope of an owner… 1 12081 Being an owner builder is no walk in the park. It’s a challenging endeavour that requires dedication and hard… 0 21970 |