Professional indemnity insurance changes ease restrictions on building surveyors, inspectors
Building surveyors and inspectors can now hold professional indemnity insurance with exclusions, following commencement of a recent Ministerial Order.
On 12 August, restrictions on minimum insurance requirements were revised, allowing building surveyors and inspectors to hold professional indemnity insurance policies with exclusions on external wall cladding products.
The changes mean the Victorian Building Authority no longer requires building surveyors and inspectors to hold exclusion-free insurance policies.
Despite the shift in policy, the VBA advises industry professionals to seek or obtain exclusion-free insurance if it is available, to provide the best possible insurance coverage for building work.
For more information, contact the VBA on 1300 108 112 or email email@example.com.