Professional Indemnity Insurance for Australian Building Certifiers
Building Certifiers have been facing an uncertain future for some years as their PI Insurance supply collapsed in the wake of the 'cladding crisis'.
We are pleased to announce that PII is available now for eligible insureds which includes coverage for cladding. Coverage has been designed by Insurers to be compliant, great value and 100% backed by Lloyds of London.
Key Policy Features
A typical Professional Indemnity Insurance Policy for Building Certifiers may provide:
- Limits of $1mil and $2mil offered (For limit requirements over $2mil, an "excess-layer" policy will need to be arranged above the primary $2mil cover. The "excess-layer" policy will likely have an industry Cladding exclusion.)
- Automatic reinstatement
- Cladding cover (refer to Coverforce for details)
- Fraud and Dishonesty cover
- Cover for Consultants, Sub-Contractors and Agents
- Continuous cover
- Inquiry costs - submitted to $100,000
- Run-off Cover
- Vicarious Liability
Frequently Asked Questions
This policy is designed for Australian Building Certifiers with a turnover of less than 5mil AUD. It provides professional indemnity insurance (PII) including cladding coverage.
For Australian Building Certifiers with higher turnover, there are other cover options available and it is best to speak with your Coverforce broker for personalised advice.
The policy has been designed by Insurers to be compliant with relevant legislation throughout Australia for Building Certifiers. However, to ensure your policy is compliant, it’s important to adhere to the applicable minimum coverage limits and other requirements relevant to your business profile in the states and territories that you operate in.
It is always best to speak with your broker when taking out cover to ensure you get a policy that meets your needs.
The security for this product is provided 100% by Lloyd’s of London (Lloyd’s).
Lloyd’s has been in business since the year 1688 and has been a pioneer in insurance for over 330 years to become the world’s leading market for specialist insurance.https://www.lloyds.com/about-lloyds/history
No. The security for this product is provided 100% by Lloyd’s of London (Lloyds).
Lloyd’s is authorised under the Australian Insurance Act 1973 (Cth) to conduct insurance business in Australia and is a member of the Insurance Council of Australia.
There is no drawback to having broad coverage unless you are paying more than you need.
For businesses that have no cladding exposure, your policy is priced as per your specific risk profile. You will not have premium loadings that may be applied to business with cladding exposure.
As always, it’s best to talk with your broker who can provide you with advice suited to your specific circumstances. They can even help you to compare between alternate products and options available in the market.
The policy is designed for Certifiers only, and therefore does not provide cover for Design & Engineering activities.
There are various options available for business that provide a range of professional services. It is always best to speak with your broker prior to taking out cover to ensure you get a policy that meets your unique business needs, including all licensing and registration requirements.
Request a Quote
To find out if your business is eligible to take out this cover and for an obligation free quotation, contact your local Coverforce Office
Alternatively, you can simply fill out the Building Certifiers Insurance quote form below and one of our insurance brokers will get in touch in one business day.
Request a quote
