VBA to accept professional indemnity insurance with exclusions
The Victorian Building Authority will accept professional indemnity insurance policies with exclusions from 12 August 2019, after Planning Minister Richard Wynne issued a new Ministerial Order.
The move means building surveyors and inspectors will no longer need to hold exclusion-free indemnity insurance when applying for or renewing their registration.
From 12 August, restrictions on minimum insurance requirements will be revised to allow building surveyors and inspectors to hold policies with exclusions on external wall cladding products. However, 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.
All building surveyors and inspectors require insurance during the transition period. Building surveyors concerned about their insurance coverage prior to 12 August may elect to transfer their functions to another appropriately registered building surveyor.