Hi Everyone,
I'm building a house for the 1st time and I need to some advice on insuarnce. The builder has obtained builders warranty insurance – and that seem to cover losses arising is the builder dies, becomes insolvent etc. My questions are:
(a) Whos liable if the house (during construction) gets damages due to fire or theft? builder or owner (me)
(b) Is the builder suppose to have additional insurance (some type of building works insurance) for this?
(c) As the owner, am i suppose to obtain any insurance during construction (prior to completion)?
Thanks
JohnThis should be covered in the insurance provisions of the builder's contract as to who must insure. Review the contract. Generally, the builder would have their own public liability, workers comp and insurance over their own tools etc. As they are responsible for the site all insurances norally fall under the builder's requirement.
In the builders contract, it states the builder needs to privide builders warranty insuarnce + building works insurance to cover damage arising from fire, theft etc. The builder has produced a copy of the builders warranty specifically for this site (under my name), so I think thats fine.
As for the Buildng Works insurance he has got general cover (not specific to this site). So i was wondering if that was sufficient? and if I need anything else (not specificed in the contract). So looks like I dont need any additional insurance cover?Thanks mate
You must be logged in to reply to this topic. If you don't have an account, you can register here.
