Insurance - New IP Being Built

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From: Simon St John


Hi everyone,

I have a piece of land (Qld) and foundations are being dug Monday (at last!).

I took out liability insurance on the land when I purchased. At what point do I insure the house - at handover or from start of construction.

The builder has the required insurance but do I rely on this until I have possession?

Any advice most appreciated (as always!)

Simon
 
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Reply: 1
From: See Change


When building a house in melbourne , my father , being cautious , took out a liability policy , which ran in tandem with the builders policy.

During the building the building, the builder forgot to renew his policy just prior to a little old lady falling into a trench and breaking her hip.

See change

it's better to be guided by your dreams than your fears
 
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Reply: 1.1
From: Simon St John


Thanks SC - what a story hey.....goes to show your Dad was very prudent.

As mentioned, I have liability insurance in tandem with the builders'.

What I was after was advice on whether I should insure the building during construction or on hand over.

Cheers, Simon
 
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Reply: 1.1.1
From: Dan D


Simon,

I had my house built in Brisbane in 1997. It is under the builders insurance until the day of the hand over, then it will have to come under your insurance.

If for some reason the builder's insurance lapses, and a little old man falls into a ditch on your property ( what the heck is he doing there!?), then it is still the builder's liability.

My layperson's understanding of the situation ;-) To be sure, ask your friendly neighbourhood lawyer.

Dan.
 
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