Owner Builder Insurance - Cover Insolvency, Death or Disappearance of the Owner Builder
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The economic downfall has seen an increase in the Owner Builder, as commercial and residential work diminishes the Owner Builder has an opportunity to flourish and take advantage of the times. But it is important that Owner Builders, that is anyone who is involved in making changes and improvement to their own homes or properties, ensure they’re insured. In most cases your current home insurer will not cover your existing structure/s, e.g. your home, during the course of major renovations or additions.
An Owner Builder Permit and Public Liability Insurance will ensure Owners Builders are covered against the unpredictability’s of life. The Builders Insurance Brokers can help you with the owner builder’s public liability insurance which covers third party personal injury and property damage that occurs during the period of the policy for which the owner builder is legally liable.
The legal consequences to the Owner Builder are enormous. Owner builders are responsible for site safety and coordination of the building works and this is why it is vital that all Owner Builders take out Public Liability Insurance. If an owner builder does not have public liability insurance and something goes wrong then they could be sued for hundreds of thousands of dollars if someone is injured at or near your building site and is caused by negligence. The Builders Insurance Brokers public liability insurance also ensures that owner builders are covered if damage occurs to other people’s property as a result of neglect or unforeseen occurrences.
Without public liability insurance the Owner Builder is looking at major penalties that will not only effect their bank balance but also their lives. Owner builders without insurance could lose their block of land, new home and more, to compensate a public liability claim against them – all because they did not take out Public Liability Insurance.
Are you an Owner Builder looking to start work? Don’t leave yourself uncovered. Give The Builders Insurance Brokers a call on 1300 769 455 or visit their website at www.buildersbroker.com.au for owner builder insurance and Public Liability Insurance
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