F. D. Beck and Sons Pty Ltd
Suite 18/296 Bay Road,
Cheltenham, VIC, Australia 3192
Ph: 1300 155 338
Fax: (+613) 9585 6177
E:
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1300 155 338
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Construction and Warranty Insurance
Owner Builder Construction Insurance
Owner Builder Insurance covers the main risks encountered during the building process, including fire, storm, impact, wind and water damage, malicious damage and theft. It also provides cover for Public Liability.
Calculating Enough Cover — The realistic cost of replacement is NOT your construction cost! So when applying for construction & public liability cover always quote the realistic cost of replacement, or what a builder would charge you for the same job.
Underinsurance — A lower premium based on your construction cost only could cost you thousands of dollars in the event of a major claim. In the event of a claim the insurance company would establish if the policy taken out was enough to cover the project. If not, the insurance company will pay the same percentage of the claim as the project was underinsured. This means if the claim was for $200,000 and the project was 33% underinsured the payout would be $132,000, leaving the owner builder $68,000 out of pocket!
Professional Builder Construction Insurance
We are able to arrange either annual construction or one off project specific construction insurance for project of any size. Annual construction insurance policies cover all jobs commenced during the year. Single project specific construction insurance policies are taken out on an individual job basis.
Annual Construction Insurance (including Liability)
Annual Construction Insurance (including Liability) will provide you with the peace of mind that all your construction projects are comprehensively covered, all year round, against a broad range of perils and events.
The types of construction projects that can be covered include Building risks from single dwellings to multi-dimensional residential, industrial and retail developments.
Policies can be tailored to individual project scales, needs and budgets, delivering financial protection against costs and events related to material damage. These include demolition costs, professional consulting fees and business equipment damage. It also protects you against many of the construction risks relating to legal liabilities.
One Off Project Specific Construction Insurance (including Liability)
Project Specific Construction Insurance (including Liability) insurance will provide you with the peace of mind that your construction project is comprehensively covered against a broad range of perils and events.
Again the types of construction projects that can be covered include single dwellings to multi-dimensional residential, industrial, commercial or retail developments. Policies can be tailored to specific needs and budgets, delivering financial protection against costs and events related to material damage. These include demolition costs, professional consulting fees and business equipment damage. The construction insurance policy can also protect you against many of the construction risks relating to legal liabilities.
Owner Builder Warranty Insurance
If you are an Owner Builder and you sell your property within 6 years of its completion or renovation, you will need to provide the purchaser with Residential Owner Builder' Warranty insurance.
This type of insurance is compulsory for all residential building works carried out in excess of $12,000. The insurance is taken out by the builder in favour of the homeowner (beneficiary) and also covers any subsequent owners of the property during the statutory warranty period.
The Residential Builders' Warranty Policy covers loss or damage resulting from non-completion of the work, loss of deposit or breach of statutory warranty if your client cannot recover compensation from the builder because of the following situations:
- death of the builder
- disappearance of the builder
- insolvency of the builder.
To complete an Online Enquiry for Owner Builder Warranty Insurance, please click on the below form:
Owner Builders' Warranty Application
Professional Builders Warranty Insurance
It is the responsibility of the building contractor to obtain Builders' Warranty insurance where the residential building work is valued at over $12,000. The cover must be obtained before commencing work under any contract for residential building work with a consumer and before taking any money on the building contract. No contractor, developer, owner-builder or kit home supplier is entitled to receive any payment, including a deposit, until insurance is in place and a certificate of that insurance has been given to the customer.
The Residential Builders' Warranty Policy covers loss or damage resulting from non-completion of the work, loss of deposit or breach of statutory warranty if you cannot recover compensation from the builder because of the following situations: Death of the Builder, Disappearance of the Builder or Insolvency of the Builder.
A builder must be licensed (or apply for) in the state in which they operate. They need to complete and sign the application form and provide up-to-date financials to demonstrate their financial capacity. We also require a statement of assets and liabilities for company directors along with various other information as contained in the relevant checklist included in our application form.
To complete an Online Enquiry for Professional Builders' Warranty Insurance, please click on the relevant form below:
Job Specific Builders' Warranty Application
Multi Unit Developments Builders' Warranty Application
Residential Builders' Warranty Annual Cover Application for turnover up to $5M.
