development insurance
- Thread starter grossreal
- Start date
yes...its called Home Warranty Insurance.
specialist brokers arrange it.
see www.hia.com.au for more info.
specialist brokers arrange it.
see www.hia.com.au for more info.
Ricardo , I think Gross is talking about large multi unit developments.
Though given he professes to have been involved in a number of these previously , I would have though he would have known the answer.
Maybe JK could answer that as she has done several developments.
See Change
Ok , so that operates at all levels of the playing field ?
No seperate rules for "home - owners " and commercial operators ?
I know when we've checked out the registration of different trades people there will be different restrictions of the dollar cost of work they can do.
I can only suppose that Gross was wondering if there was a " top up " insurance you can get to speed up work if there is a claim. Anecdotally if a builder goes belly up , it can be very messy , time consuming and expensive , ? Partially because the new builder possibly has to take on legal liability for work already completed ( not sure about that bit , can anyone clarify )
See Change
hi all
no I am looking for a policy that covers the developer if the builder can't complete
this is not covered by home warranty even on small sites the builder must complete or the building be completed get home warranty coverage.
two thing home waranty only comes into effect after occupancy and is claimed against the builders insurance that all builders pay and it doesn't go on sites 3 storey and above.
and all those warranties only cover people that buy into a development not the developer should the builder have a problem.
I am interested in people that are in the insurance industry that may know of a policy that protects the developer not the end purchaser( home warranty or builders insurance).
no I am looking for a policy that covers the developer if the builder can't complete
this is not covered by home warranty even on small sites the builder must complete or the building be completed get home warranty coverage.
two thing home waranty only comes into effect after occupancy and is claimed against the builders insurance that all builders pay and it doesn't go on sites 3 storey and above.
and all those warranties only cover people that buy into a development not the developer should the builder have a problem.
I am interested in people that are in the insurance industry that may know of a policy that protects the developer not the end purchaser( home warranty or builders insurance).
home warranty or builders warranty........same thing. like tomato or tomatoe...whatever u feel like calling it at the time.
rated on such factors as resid or commercial, turnover $, estimated income, project size, financial history, owner builder or licensed builder...numerous factors.
claims - takes time, effort, negotiation, legal matters and all sorts of involvements, before a claim can be settled. i dont understand what you mean by top up or expeidiate claims...in any event, the answers 'no'. claim has to follow full and correct course, this is not a tinpot happening and is rather detailed, so only logical to expect a claim will take time.
further info:
http://www.austhomewarranty.com.au/
http://www.qbe.com/australia/bwi/builders_warranty/builders_warranty.html
rated on such factors as resid or commercial, turnover $, estimated income, project size, financial history, owner builder or licensed builder...numerous factors.
claims - takes time, effort, negotiation, legal matters and all sorts of involvements, before a claim can be settled. i dont understand what you mean by top up or expeidiate claims...in any event, the answers 'no'. claim has to follow full and correct course, this is not a tinpot happening and is rather detailed, so only logical to expect a claim will take time.
further info:
http://www.austhomewarranty.com.au/
http://www.qbe.com/australia/bwi/builders_warranty/builders_warranty.html
ok gross...
no is the simple answer in your scenario.
few remote/possible options though:
try get builder to endorse it onto their policy, noting the development interests for this contract etc. going to depend on their size, which state youre in, their desire even to do so and insurers willingness to play ball.
claim on their PI. perhaps an act, error, omission has caused you a financial loss. tough.
get your own trade credit policy. if you have paid them already, and they are then unable to perform work and meet their debts, then perhaps a fair chance. i dont expect you can cover opportunity cost, time expenses, new builder higher costings etc.
no is the simple answer in your scenario.
few remote/possible options though:
try get builder to endorse it onto their policy, noting the development interests for this contract etc. going to depend on their size, which state youre in, their desire even to do so and insurers willingness to play ball.
claim on their PI. perhaps an act, error, omission has caused you a financial loss. tough.
get your own trade credit policy. if you have paid them already, and they are then unable to perform work and meet their debts, then perhaps a fair chance. i dont expect you can cover opportunity cost, time expenses, new builder higher costings etc.
Another insurance question
I have a dilemma with insurance. I have had an IP built for me, by a builder under his licence. I have to organise all connections, floor coverings and painting. The builders "contracts works cover" insurance will expire when they hand over the building, next Monday. There is no Cert of Occupancy, until I complete the works required. What insurance can I get to cover the building until such time as I have a Cert of Occupancy? I will not be able to complete the works required for aprox 2 months, as I will be out of the country.
Thanks, in anticipation of a solution,
Purple Patch
I have a dilemma with insurance. I have had an IP built for me, by a builder under his licence. I have to organise all connections, floor coverings and painting. The builders "contracts works cover" insurance will expire when they hand over the building, next Monday. There is no Cert of Occupancy, until I complete the works required. What insurance can I get to cover the building until such time as I have a Cert of Occupancy? I will not be able to complete the works required for aprox 2 months, as I will be out of the country.
Thanks, in anticipation of a solution,
Purple Patch
home building cover, from monday.
just make sure the unoccupancy clause is long...most are 30 or 60 days.
tell them you arent in it for a while, explain the situation...they should accept.
your building cover will cover your addition of connections, floor coverings and paintings - non issues in regards building insurance.
just make sure the unoccupancy clause is long...most are 30 or 60 days.
tell them you arent in it for a while, explain the situation...they should accept.
your building cover will cover your addition of connections, floor coverings and paintings - non issues in regards building insurance.
Hiya Gross
Its like Mr Ed on this forum says
"You can insure a burning house for the right premium"
The risk assessment and the premium structure would be interesting
ta
rolf
Its like Mr Ed on this forum says
"You can insure a burning house for the right premium"
The risk assessment and the premium structure would be interesting
ta
rolf
Hi Gross,
I haven't heard of an insurance policy like the one you're after that specifically insures builders against going belly-up. The only way you could ensure against that is to have the builder hand over an irrevocable unconditional bank guarantee. Lenders are asking for them these days.
Home warranty doesn't cover builders going belly up, and Contractors All Risk only covers the structure as it is being built.
Let me know if you have any success as I'd be interested to know.
I haven't heard of an insurance policy like the one you're after that specifically insures builders against going belly-up. The only way you could ensure against that is to have the builder hand over an irrevocable unconditional bank guarantee. Lenders are asking for them these days.
Home warranty doesn't cover builders going belly up, and Contractors All Risk only covers the structure as it is being built.
Let me know if you have any success as I'd be interested to know.
My thoughts here.
http://www.invested.com.au/forums/5/builders-developers-insurance-1615/#post10017
Cheers
N.
http://www.invested.com.au/forums/5/builders-developers-insurance-1615/#post10017
Cheers
N.
