Information for Developers

A licensed builder is required under the Home Building Act 1989 to obtain insurance cover for a residential building project before commencing work on the project and before taking any money (including a deposit) under the building contract (e.g. when contracting with a homeowner, owner-builder or developer). Developer should seek independent professional advice as to other measures available to them to minimise any loss including non-completion and defective works as a result of the dealth, disappearance or insolvency of the builder they engage. Read More

Certificates of Insurance

The Act also provides that a developer must not enter into a contract for the sale of land on which residential building work has been done (within 6 years of completion of the work), or is to be done, on the developer’s behalf unless a Certificate of Insurance is attached to the contract of sale. Certain circumstances, such as new high-rise construction and sale off-the-plan, may be exempt. Read more

Securities

The preference of the icare builders warranty is not to request additional security. However, for a small number of builders may require security in the form of a Deed of Indemnity as a condition of approving eligibility or providing cover for a specific project. Read more