BPC Insurance Group Pty Ltd in Brunswick, Victoria | Insurance broker

BPC Insurance Group Pty Ltd

Locality: Brunswick, Victoria

Phone: +61 402 118 853

Address: 5A Union St 3056 Brunswick, VIC, Australia

Website: http://www.bpcig.com.au

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19.01.2022 Is your Builder in Liquidation? By David Saunders - Director BPC Insurance Group Building your home can be an emotional journey. But what happens if your builder enters liquidation before the project is complete? Thankfully in most States there is a scheme which protects homeowners called Builders Warranty (or Domestic Builders Insurance). However, if you are in the position of your Builder entering administration such as Huxley Homes (NSW), Ashford Homes (VIC), Homestead Hom...es (SA), Collier Homes (WA), Newstart Homes (QLD), where does this leave you immediately in regards to protection for insurance over the work already done on site? Most Builders purchase an insurance called Contract Works which protects the building sites for damage to Construction Site (eg Fire, Storm, Vandalism and Theft) as well as Public Liability. However, what happens once the Builder enters liquidation? Most policies have a liquidation clause (eg cover ceases due to liquidation) or have an Abandonment Clause (cover ceases after (say) 30 days of inactivity). These clauses aside the most important consideration is who is the Insured Party? Contract Works is taken out by the Builder for the Builders protection. In normal circumstances when a worksite is damaged the Builder claims, insurance pays and Builder reinstates the damage. However, what is the case once a Builder is in liquidation? Claim is made, if the insurer responds the payment would be made to the Builder (and effectively the liquidator). This could leave the homeowner lining up as a creditor in the liquidation process. If your Builder has gone insolvent, you need to act today. BPC Insurance Group can arrange cover for your incomplete project. We can provide a cover for both the completed work and remaining work to be undertaken to complete the project. Call today for a no obligation chat. BPC Insurance Group specialises in finding insurance solutions for the Building industry. We make insurance easy by finding the right cover for the right price. If you can buy it, ride it, run it or own it we can find an insurance solution. This information is not intended to be advice and should not be relied upon as such. Conditions apply including insurer acceptance