Professional Indemnity insurance has become an issue for the Building Surveyor industry. Business Insurance Specialists is a provider of insurance solutions to Building Surveyors.
Insurance for Building Surveyors needs to consider the exposures that cover from advice provided. These types of exposures are varied including failure to properly take into account building regulations, city or council planning requirements, environmental legislation or regulations; errors in designs, selection / recommendation of materials (e.g. non-conforming/non-compliant materials); inadequate building inspection and reporting; defects in the final building or structure arising from professional negligence including structural inadequacy or failure of design to satisfy function.
With issues relating to both overseas such as the Grenfell Tower incident and Lacrosse apartments in Docklands have brought to light problems relating to Aluminium Composite Panels (ACP’s). The Australian Institute of Building Surveyors which represents building surveyors in Australia has been taking an active stance on these issues, and the shared responsibility of this issue going forwards.
It is worth noting that claims against Building Surveyors can be substantial and the cost of defending a claim has increased to the stage that the legal costs are worse than the risk of the claim itself.
The information required for this insurance is requested in our on-line form, and encompasses questions such as type of work undertaken, major contracts, staff experience.
There is currently a limited market for Building Surveyors with it decreasing dramatically in the past twelve (12) months. Depending upon the relevant state legislation the minimum level of coverage is $1,000,000 (Costs exclusive).
Our experienced staff can help you get the right coverage.