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Building Trades

Builders Warranty

Builders Home Warranty or Residential Construction Warranty is required by law for all residential work over $12,000 (other than developments over three stories) to protect homeowners from financial loss from non-completion or defective workmanship should their builder disappear, become insolvent or die.  Cover extends for six years from completion date.

Warranty insurance can be provided to the following businesses:

Home Builders and Renovators
Pool Builders
Cabinet Makers
Painters and Decorators
Plumbers
Electricians
Landscapers
Owner Builders
And any other project where warranty is required.

We recognize the difficulties that builders may encounter when seeking insurance and obtaining eligibility.  McKenzie Ross tailors requirements to suit the builder in a number of innovative ways.

Generally, applications can be processed without the need for onerous requirements such as bank guarantees and restructure of business, although these will of course be required at times.

Domestic Home Warranty Eligibility Application: download form here

Domestic Home Warranty Certificate of Insurance Application: download form here

Personal Accident

Accident / Illness insurance protects you in the event of injuries or illnesses that prevent you from working.  If you are employed, Workcover may assist your recovery if you are injured at work but will not be of any use to you if you sustain injury or an illness in your own time away from your place of employment.  Accident and Illness cover can provide you with an income while you recuperate, maintaining your lifestyle until you are ready to work again.

If you are self-employed, with your family relying on your ability to produce an income, or if you have financial commitments in the form of equipment leases and other obligations, then Accident / Illness cover should be considered a necessity.  Accident / Illness Insurance can provide you with a lump sum benefit in the case of accidental death, or replace your income while you recover from an injury or illness that prevents you from carrying on your usual work.

Commercial Building Structural Defects

This insurance is required under the Building Act 1993 (Victoria) pursuant to a Ministerial Order dated 20th April 1995.  No other Australian State or Territory requires a similar type of insurance except Tasmania (which introduced essentially similar legislation effective 01/07/04).

The Ministerial Orders require commercial and industrial building contractors to effect a form of structural defects insurance on an “annual claims made” policy basis as a pre-requisite to builder licensing by the Victorian Building Practitioners Board (“BPB”) or its Tasmanian equivalent.

Trades Pack

Specially-designed policies for tradespeople.  These policies combine cover for tools and public liability.  They can occasionally also combine cover for motor vehicle and personal accidents.  They offer an affordable alternative to a business pack policy.

Tools of Trade

Professional Equipment and your Tools of Trade are essential to your ability to generate an income.  Tools of Trade can be taken as a section of a business policy to protect your tools against the unfortunate possibilities of burglary, fire and theft.  In the event of a loss, this will enable you to get back on site in a timely manner.

Contract Works

Contract Works is a broad policy for those in the Building and Construction trade. It can be taken as a contract-specific policy or annually with a transfer or run-off basis, primarily covering material damage and liability.

Contract Works can cover:

Construction of residential, commercial and industrial structures
Third party liability - legal liability to third parties who suffer personal injury or property damage due to the Insured's negligence
Advanced Business Interruption (or Delay in Start Up) - covers loss of profit caused by a delay in completing a project and is available on a gross-profits, rentals or holding-costs basis (where applicable for the type of project).

Professional Indemnity

Professional Indemnity provides protection for the advice that you, as a professional, provide to a client.  If negligent advice is given to a client and this results in a financial loss to the client, compensation may be sought against you.  Professional indemnity insurance will cover legal expenses and awards made as a result.

Directors and Officers Liability

Directors and Officers Liability Insurance is designed to protect the personal assets of directors and officers by providing indemnity for loss arising from a claim as a result of a 'wrongful act' committed by them in the course of performing their duties.

Being sued can be a traumatic and expensive experience and can put your personal assets at risk.  The increasingly litigious nature of our society, along with increasing corporate governance and regulatory surveillance, places great pressure on company directors and officers to perform meticulously.  It is prudent to ensure that you have adequate cover.