BUT policy may provide that indemnities only apply if builder DIES, BECOMES INSOLVENT OR DISAPPEARS Policy to Cover Acts and omissions of all persons engaged by builder clause 10 – Subsequent purchases clause 11 – Non-structural defects for 2 years All other loss or damage for 6 years clause 12 – Exemption for residential regulation 1808 – Other building practitioners Building surveyor, inspector, quality, surveyor, engineer, draftsperson Professional indemnity insurance $1 million / $1.5 million for any one Can be a policy held by company or partnership Commercial Builders Structural defects insurance with limitations Limit of cover lesser of – Twice the turnover of insured for commercial building work or $1 million; or $10 million
BUT policy may provide that indemnities only apply if builder DIES, BECOMES INSOLVENT OR DISAPPEARS Policy to Cover Acts and omissions of all persons engaged by builder – clause 10 Subsequent purchases – clause 11 Non-structural defects for 2 years All other loss or damage for 6 years – clause 12 Exemption for residential – regulation 1808 Other building practitioners Building surveyor, inspector, quality, surveyor, engineer, draftsperson Professional indemnity insurance $1 million / $1.5 million for any one Can be a policy held by company or partnership Commercial Builders Structural defects insurance with limitations Limit of cover – lesser of Twice the turnover of insured for commercial building work or $1 million; or $10 million