What type of insurance is required for an owner-builder? (VIC)

Builders Warranty Insurance

Builders Warranty Insurance is required by all domestic builders who enter into domestic building contracts in which the contract price for the building work is more than $12,000. Insurance provides important protection for building consumers, in the event that a builder dies, becomes insolvent or disappears, and can't finish the building project or fix defects.

Professional Indemnity InsuranceProfessional Indemnity Insurance is required by the following building practitioner categories and classes:

• Building surveyor
• Building inspector
• Quantity surveyor Engineer - Civil, Mechanical, Electrical & Fire Safety
• Draftperson - Building design (architectural, interior and services)
• Architect (Please note: architects are registered with Architects Registration Board Victoria)

Professional indemnity insurance indemnifies the practitioner against legal liability resulting from any claim or claims made during the period of insurance.

Public Liability Insurance

Public Liability Insurance is required by the following building practitioner categories and classes:

Public Liability Insurance indemnifies the building practitioner against legal liability resulting from any claim or claims made during the period of insurance

• Builder - Demolisher (low rise buildings, medium rise buildings and unlimited)
• Erector or supervisor (temporary structures)

Structural Defects/Builders Indemnity Insurance

Builders Indemnity Insurance for Structural Defects is required by all commercial builders (unlimited).