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Can you really afford the risk? BuildSafe offer a tailored domestic Construction and Public liability policy. The policy is designed for the owner builder, and unlike some standard policies, contains additional benefits. What does the Construction Insurance cover? Construction insurance protects the owner builder during the building process, including malicious damage/vandalism, theft, fire damage, storm, wind and water damage. The Buildsafe policy also provides cover for demolition costs and professional fees in the event of a major claim (for up to 10% of the insured construction value) at no additional premium, which ensures that you will not be left out of pocket if a major claim occurs. What does the Public Liability Insurance cover? Public Liability Insurance protects owner builders against third party personal injury and property damage, that occurs during the period of policy.
Is Construction and Public Liability Insurance compulsory?
As a general rule, this insurance is not compulsory but you carry the risk. Through no fault of your own, your building project can be exposed to fire theft, vandalism or weather. Unlike car insurance, your potential loss is much, much greater. If finance is being obtained from a lending institution, generally they will require evidence of a Construction and Public Liability policy prior to releasing funds. When considering or comparing policies, is price the main issue? Buying Construction and Public Liability insurance is no different to shopping for a new car. A Hyundai Excel doesn't have the same features and benefits of Holden Calais and therefore there is a substantial price difference. Price is important, but not all insurance policies are the same. There is no point in investing in a cheap insurance policy if it doesn't fully protect you in the event of a substantial claimable occurance... which is the primary reason for having a policy in the first place! A substantial financial loss on uninsured building works or liability would cause financial ruin to most owner builders. You may wish to consider:
Be Sure Be Safe Build Sure BuildSafe For Construction & Public Liability Insurance Proposal Form - Click here Before making a decision about any of our products, please read our Financial Services Guide - Click here Want more Information on owner building? Visit - www.ownerbuild.com.au |


