Important information about professional indemnity insurance
Friday, 20 July 2018
The VBA understands that some practitioners are experiencing difficulties obtaining the required professional indemnity insurance (PII).
The current legislative framework means that relevant practitioners must be covered by PII meeting the requirements of the Building Practitioners’ Insurance Ministerial Order in order to maintain their registration and carry out their functions as a practitioner in Victoria.
PII policies that exclude coverage of liability arising from the use of products may not meet the requirements of the Ministerial Order and may mean that practitioners do not hold the required insurance. The consequences of not being covered by the required insurance can include suspension of registration.
The Acting Chief Executive of the VBA, Mark Rossiter, said the issue was affecting multiple states across Australia.
“The VBA is already working with government policymakers and the building industry to understand the changes in the insurance market that are affecting the building sector,” Mr Rossiter said.
The VBA will continue to keep all practitioners up to date with the latest information on the complicated issues around professional indemnity insurance.
If you have any questions about this issue, please contact the VBA by emailing firstname.lastname@example.org.