Following on our social media post a couple weeks ago, there has been further intensity and media headlines around the insurance ‘crisis’ for the building and construction industry.
Notable industry bodies including the Property Council of Australia (PCA), National Insurance Brokers Association (NIBA) and the Insurance Council of Australia (ICA) are calling on the Federal, State and Territory Governments to act now to addres the building certifier insurance issue that has the potential to bring building and construction activity to a halt, according to an article in Insurance & Risk today.
NSW has published a new regulation which provides that certain risks associated with cladding are not risks that an accredited certifier is required to be indemnified from, but we haven’t received word on other states or territories. Federal Industry Minister Karen Andrews is calling for states and territories to commit to a national response rather than their own piecemeal individual approaches.
Much of the difficulty around getting insurance is due to the flammable cladding issue (notably the London Grenfell Tower), and the Victorian Civil and Administrative Tribunal (VCAT)’s decision regarding liability for the Lacross building fire in Melbourne where most of the blame was apportioned to the building certifier.
Allsure Insurance will work to stay across this evolving situation and keep you up to date. If you have specific questions around your cover or an upcoming renewal, please contact us straight away.