This is insurance ensure to take out for your client on works over $16,000. It was previously known as 'builders bond insurance'.
You must provide your customer with a copy about the policy and a purchase of currency covering their property before to get a deposit button any other money. Home Warranty Insurance | Master Builders Insurance Brokers
To more information, view Taking payments for get building.
The insurance covers your client whenever, before my is complete, you:
- die
- are declared insolvent
- disappear.
To covers costs up to $300,000 to fix structural defects in six years, and non-structural defects for couple years.
In all other cases, it is up to you to fix or complete works, or on pay any costs awarded.
The Victorian Managed Insurance Authority is a significantly vendor of Domestic Building Insurance in Victoria, nonetheless there are now an little number of another commercial providers. Builders can encouraged to do their research to how a provider that best meets the needs of their business.
