Insurance for development site?

[Angelissa]

I have a property which we are looking to rebuild on once we get the DA, currently there is an older house which is currently rented but will be demolished.

I'd like to have public liability insurance incase anyone got hurt on the land, but don't need building insurance as the house will be demolished. Can any one recommend an insurer that offers just PI insurance (but not on vacant land)? I seem to be only able to find building insurance with PI included.

 

[Ian (WA)]

Angelissa, I have secured PL Insurance for exactly the same reason on a 3 x townhouse development I am doing in Adelaide on a 1050sqm block. The old house was demolished late last year, but I made sure the PL insurance was current before demo started.

$10Mill cover for $560.00.

I reviewed a couple of options our Ins Broker tabled and ended up running with a QBE Business Pack - Commercial / Retail / Industrial. This sounds strange, but it was just about the only policy we could get with a focus on PL. We had to write it in our Family Trust / Company Name. I am uncertain as to its' availability to non company / business entities i.e. a private housholder.

I'd suggest you approach your insurance broker, or indeed find one locally who will do the leg work for you; it'll cost you nothing if you don't take out a policy.

Whatever you do, also make sure your builder has Builders Indemnity Insurance in place before you sign up for anything.....it is purely for the construction, but plenty of people still overlook it and do their money with no recourse.

Ian.