Government moves to ease restrictions on professional indemnity insurance
On 15 February 2020, the Victorian Building Authority (VBA) will implement new minimum insurance requirements, after Planning Minister Richard Wynne issued a new Ministerial Order extending existing insurance requirements for building surveyors and inspectors to quantity surveyors, engineers and draftspersons.
The move means building industry professionals will no longer need to hold exclusion-free PI insurance when applying for or renewing their registration.
In August last year, building surveyors and inspectors were permitted to hold policies with exclusions, following a tightening of the domestic building insurance market.
In the five months since, the market has continued to deteriorate, with underwriters extending exclusions for external wall cladding products to policies covering engineers and other industry professionals.
The VBA reminds industry professionals to disclose to their insurer any work related to external wall cladding products prior to renewing their PI insurance policy.
For more information, contact the VBA on 1300 815 127 or email email@example.com.