When should I start the cover?

As an owner builder you should always take out insurance cover before you start the construction works. Generally, commencing a cover earlier would not affect your premium as the premium for this type of cover is typically calculated on the project value so if it takes you six, nine or twelve months to build, your premium would be the same regardless.

What would happen if I need more time?

This policy is non-renewable and cover will terminate at the end of the period of insurance stated in the policy schedule or at the time of practical completions; whichever occurs first. That said, if you require more time to finish your construction, an extension of the period of insurance can be considered upon request based on the details of the current construction work and any loss history. Please note that the extensions are available in 3 and 6 months increments.

When does this policy finish?

The period of insurance will end at the earliest date of:

  • The time of the practical completion; or
  • At the time an occupancy permit or final inspection is issued; or
  • The date specified in the schedule

Practical completion is when the construction works are complete, except for minor omissions and minor defects which do not prevent the construction works from being reasonably capable of being used for their intended purpose.

What happens if I run out of money and construction works has stopped for a while?

Your policy does not cover any claims if you cease the construction work for more than 30 consecutive days, or immediately following abandonment. You should notify us immediately, if you need to stop the construction work for any reason.

Are sub-contractors covered under my owner builder construction policy?

Sub-contractors are not named as an insured in the insurance schedule. That said, most owner builder insurance policies will indemnify you for:

  1. Claim costs in defence of any claim where you as the owner builder are joined to any action;

Any legal liability for personal injury or property damage for which you are vicariously liable for the negligence of a sub-contractor in the performance of the construction work.

What information do I have to supply if I want to make a claim?

  1. An estimate of the loss or damage
  2. A copy of the police report or the log number of the call to the police if the claim is a result of malicious damage, theft or burglary with a list of stolen, damaged or lost items.
  1. Sales receipts/accounts showing the date of purchase, purchase price and description of the purchased items.
  2. Bank statements or credit card statements showing the purchase transaction details
  3. Photos clearly showing the items
  4. Builder’s, electrician’s or other relevant tradesman’s reports detailing the loss or damage

Is my existing home & contents covered during renovation / extension?

If you are performing a major renovation or extension, generally your household insurance policy will not cover your existing house structure whilst you are undertaking the renovation or extension. As a result, we always suggest that you contact your household insurance provider before you commence your renovation or extension to check if your existing house structure would remain covered. If your household insurance provider doesn’t agree then we can arrange cover as part of your owner builder insurance policy. Please note that this cover is not automatic as it is an optional cover extension.

Would I be covered for Personal Injury if I get injured?

No you are not covered for personal injury under owner builder construction and liability policy. If this cover is required then separate personal accident insurance will need to be arranged.

Would my family members be covered for Personal Injury of they get injured? No they are not covered for personal injury under owner builder construction and liability policy. Again, if this cover is required then separate personal/group accident insurance will need to be arranged.

Would any voluntary Workers be covered for Personal Injury if they get injured?

No they are not covered under owner builder construction and liability policy.

Suite 18/296
Bay Road,
Cheltenham, VIC, 3192

 
Phone 03 9585 6377
enquiry@fdbeck.com.au