Construction and Public Liability Insurance for Owner-Builders

1. Construction and Public Liability Insurance for Owner-Builders OWNERBUILDERCLUB.COM.AU

2. At A Glance • AS AN OWNER-BUILDER, PROTECTING YOUR INVESTMENT AND SAFEGUARDING AGAINST POTENTIAL LIABILITIES IS CRUCIAL. THIS PRESENTATION WILL EXPLORE THE KEY ASPECTS OF CONSTRUCTION, PUBLIC LIABILITY INSURANCE, AND OWNER BUILDER LIABILITY INSURANCE TO ENSURE YOU HAVE THE PROPER COVERAGE IN PLACE 02

3. Understanding the Risks for Owner-Builders • Property Damage • Accidents and Injuries Construction sites pose risks of accidents and injuries to workers, subcontractors, and even the general public. Unexpected events like fires, storms, or vandalism can cause significant damage to the construction site and materials. • Legal Liability Owner-builders can be held responsible for injuries, property damage, or other issues that occur during the building process. 02

4. Necessity of Construction Insurance 01. 02. 03. • FINANCIAL PROTECTION • COMPLIANCE WITH REGULATIONS • PEACE OF MIND • Construction insurance helps cover the costs of repairs, replacements, and legal expenses in the event of an incident. • Many jurisdictions require owner-builders to have certain types of insurance coverage to comply with local laws and regulations. • Proper insurance coverage gives owner-builders the confidence to focus on the construction project without worrying about potential liabilities. 02

5. Key Components of Construction Insurance • Property Coverage • Protects against damage or loss of materials, equipment, and the structure itself during construction. • Liability Coverage • Covers legal and financial liabilities resulting from third-party injuries or property damage during construction. • Workers' Compensation • Protects against damage or loss of materials, equipment, and the structure itself during construction. • Professional Indemnity • Protects against claims of negligence, errors, or omissions in the owner-builder's professional services. 02

6. Public Liability Coverage for Owner-Builders • BODILY INJURY • Covers medical expenses and legal liability if a third party is injured on the construction site. • PERSONAL/ADVERTISING INJURY • Provides coverage for claims of libel, slander, or other personal or advertising-related injuries. • PROPERTY DAMAGE • Protects against claims for damage to nearby properties or structures caused by the construction project. 02

7. Coverage Limits • Deductibles • Understand the maximum payouts for different types of claims. • Consider how much you're willing to pay out-of-pocket before the insurance kicks in. • Evaluating Insurance Policies and Providers • Claims Process • Provider Reputation • Evaluate the insurer's responsiveness and ease of filing and resolving claims. • Research the insurer's financial stability and customer satisfaction ratings. 02

8. Factors Affecting Insurance Premiums • CONSTRUCTION SCOPE • RISK PROFILE • DEDUCTIBLE LEVELS • The size, complexity, and duration of the project impact the premium. • Insurers consider the potential for accidents, injuries, and property damage. • Higher deductibles typically result in lower premiums but increase out-of-pocket costs. 02

9. 01 • Adequate Coverage - Ensures you're protected against the full range of potential risks and liabilities. • Importance of Adequate Coverage and Compliance • 02 Regulatory Compliance - Helps you meet the insurance requirements set by local authorities and construction codes. • 03 Reputation and Trust - Proper insurance coverage demonstrates your commitment to safety and professionalism. • 04 Financial Stability - Protects your investment and helps you avoid costly out-of-pocket expenses. 02

10. Thank you! • Feel free to approach us if you have any questions. • www.reallygreatsite.com • hello@theownerbuilderclub.com.au