Browse Forums Owner Builder Forum 1 May 29, 2013 12:55 pm Hi guys, I am about to owner build my house. demolition is finished. i am now about to buy insurance. I am aware that there a 3 main ones being 1. construction work insurance 2. public liability. 3. worker compensation I would like to know if 3. worker compensation is really necessary? we will be getting tradies in and they carry their own insurances. im sure we are not going to hire any workers or anything like that. also regarding the public liability, i was recommended to buy 10 million...even though there is a 5 million one which is cheaper. any suggestions? building in Melbourne south east, would appreciate if someone could recommend a good broker also cheers Re: Regarding owner builder insurance 2May 29, 2013 3:19 pm +1 on this. My builder's contract is just about to wrap up, along with his insurance, and I'll be 100% owner/builder. No one down here in Tassie seems to be interested in insuring me before occupancy. Help? My storybook home build: https://forum.homeone.com.au/viewtopic.php?f=38&t=57987 Re: Regarding owner builder insurance 3May 29, 2013 6:52 pm Johnson +1 on this. My builder's contract is just about to wrap up, along with his insurance, and I'll be 100% owner/builder. No one down here in Tassie seems to be interested in insuring me before occupancy. Help? Really? If you are past lockup then the structure is their I cant see why they wont insure you under a General Bulding policy. Bit like a builder handing over the keys on a project home. Still painting to do, carpets to install, curtains etc. In my case I just had my normal insurer (AAMI) cover the building when my construction Insurance expired. They said the excess would be more as it was unoccupied but that was all. At that stage I hadnt finished final electrical, plumbing fit-off etc etc but the building was there and sound. My main concern was a Storm or the like causing damage and General bilding insurance would cover that. If you are trying to cover yourself with Construction Insurance though then that is a different story, as no one like to take that on "mid build". "Melbbuild" As for your Policy try FD Beck. They are one of the recommended Brokers on here (I used them myself and price and service very good) Re workers comp it's a bit of a funny one. I took it out for 12 months (Just in case) You declare $0 in wages though so costs very little, but was advised if someone does get hurt your Policy will pay the legal fees as the Insurers sort out who is liable etc between themselves, others you may be called to Court to defend a case. That was the main thing for me, but again never was used. https://forum.homeone.com.au/viewtopic.php?f=38&t=44762 My Owner builder journey extending a 1930's Bungalow Re: Regarding owner builder insurance 4May 30, 2013 9:54 am docker_rob In my case I just had my normal insurer (AAMI) cover the building when my construction Insurance expired. They said the excess would be more as it was unoccupied but that was all. At that stage I hadnt finished final electrical, plumbing fit-off etc etc but the building was there and sound. Rob, I just called AAMI and they were adamant they wouldn't insure a property until it had its occupancy certificate (ie: "livable" with working plumbing). Usually, a builder's hand-over certificate contains just that, but in the O/B case the building still doesn't meet the insurer's requirements. That would mean you weren't insured before you got occupancy... oops? My storybook home build: https://forum.homeone.com.au/viewtopic.php?f=38&t=57987 Re: Regarding owner builder insurance 5May 30, 2013 10:59 am I was able to get GIO to cover my build from a certian point - they said as long as the house was locked up, kitchen, bathrooms, etc were complete and livable than they would cover without an OC - still have not provided to this day and I have full cover with them To answer MelbBuild's question, I am not sure if worker's compensation and PL is state or fererally governed - I know in NSW I needed to have $20M - non-negotiable. I can't remember from my OB course which of the 2 this applys to but the example was if you had family working with you onsite and they were professionals in their field (not just labouring for you) and they hurt themselves while onsite and didnt have up to date cover themselves, you would cover them. Again, this may be public liability but none the less, for the sake of a few '00 or '000, you dont want to leave yourself exposed with everything else going on around you...not worth the hassle with everything else you will have on your plate this is the mob I used (seemed ok with me); Don Hutton Insurance Brokers Pty Ltd t/as The Builders Insurance Broker ® 500 Forest Road Penshurst PO Box 12 Penshurst NSW 2222 Ph: 02 9570 5422 or 1300 769 455 Fax: 02 9579 6680 www.buildersbroker.com.au Re: Regarding owner builder insurance 6May 30, 2013 4:11 pm Johnson That would mean you weren't insured before you got occupancy... oops? Nope never was an issue, maybe slightly different here as No O/Cert needed for WA. So it was basically up to me when I deemed the place habitable and ready to move into. https://forum.homeone.com.au/viewtopic.php?f=38&t=44762 My Owner builder journey extending a 1930's Bungalow Re: Regarding owner builder insurance 7Aug 06, 2013 3:29 pm Speak to The Builders Insurance Broker - they handle all kinds of insurance, and helped me out a lot! 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 4735 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 23401 |