Hi all,
I would like to get some opinions on the requirement for insurance for a development site.
I own a rental property that is vacant and due to be demolished in a months time. Following that the block will be vacant for up to 6 months while I have headworks installed and apply for titles to be issued. Following that I will have a builder build 3 units on the site.
Currently I have full landlords insurance coverage as the property has previously been rented out. Going forward through the development process should I continue to have have public liability and workers compensation insurance for the site? I assume that the demo company and builder have these insurances so I won't be liable while they are on site? That just leaves the period while the headworks are being installed and titles issued where I could be liable for any accidents on site but this is unlikely for a vacant block.
I'd be interested to hear whether others would take out insurance for this period.
Cheers
I would like to get some opinions on the requirement for insurance for a development site.
I own a rental property that is vacant and due to be demolished in a months time. Following that the block will be vacant for up to 6 months while I have headworks installed and apply for titles to be issued. Following that I will have a builder build 3 units on the site.
Currently I have full landlords insurance coverage as the property has previously been rented out. Going forward through the development process should I continue to have have public liability and workers compensation insurance for the site? I assume that the demo company and builder have these insurances so I won't be liable while they are on site? That just leaves the period while the headworks are being installed and titles issued where I could be liable for any accidents on site but this is unlikely for a vacant block.
I'd be interested to hear whether others would take out insurance for this period.
Cheers