When commercial insurance companies play by rules designed for the commercial sector, individuals such as owner builders are disadvantaged. Example: When an insurance claim is made by a commercial firm generally business continues to trade. It’s not critical to have the problem resolved overnight. In a household, when the unexpected occurs and construction stops, bills, mortgages, and contractor’s payments continue to roll in. Family lives are disrupted, and pressure mounts. Nothing is more important than knowing an insurance company is local, with local people and their claims payment is tailored to get families back finishing their project fast.
NUMBER 1 CONSIDERATION – Who the ‘bloody hell’ is guaranteeing my insurance claim is paid?’ (if you never heard of the insurance company – then best stay away!)
If the insurance company is unknown or not recognisable or is an overseas insurer with an Australian representative office, who do you call when you need them fast? Unknown insurance brands and companies are great at times you pay them. But how and when, and by which rules do they pay you! (Qtust insurance partners are exclusively first class Australian)
NUMBER 2 CONSIDERATION
Over-simplification of Policy conditions places owner builders in ‘false’ sense of cover and security. Insurance is layered in technical detail; its not simple, because buried in detail lies insurance coverage ‘gaps’. Its these ‘gaps’ or insurance policy exclusions that are problematic in the event you need to make a claim.
- Over simplifying of sub-contractors cover. The facts are sub-contractors are independent businesses and are required to comply with Legislative requirements. If they hold an ABN they must comply with Workers Compensation requirements, Work Place Safety requirements, training and licencing requirements, and many more statutory, taxation, employee, product and financial obligations. An owner builders (or individual/person ) are unwise to take on financial and workplace environment obligations for a sub-contractor, which they most likely don’t know or cant vouch for their financial or legal standing. Under a Qtrust solution an owner builder is insured against actions caused by, or a consequence of, sub-contractors actions, failures and negligence.
- Construction tasks, such as Piling, Shoring and Underpinning are dangerous activities for owner builders. They require licenced and appropriately qualified sub-contractors. Owner builders are unlikely to undertake these activities, but rather engage appropriate subcontractors. Because of the risk these activities pose to owner builders, they are endorsed (specially identified) into a Policy. When insurance over simplifies these types of risks it places individuals (owner builders) in harms way.
NUMBER 3 CONSIDERATION
Often through no fault of owner builder’s careful planning, costs can fluctuate during the construction period. When costs rise, the Sum Insured should be adjusted accordingly and owner builders have an obligation to notify the insurance company once these cost increases occur. But in reality, amongst the frantic periods of construction, who can remember to do it? In these circumstances Qtrust adds an Escalation in Construction Costs Allowance. Escalation Allowance increases the Sum Insured at no extra cost, automatically. Occasionally, no name, foreign insurers try to call this Increase Cost of Workings Allowance – but this actually means (technical definition) something very different, and does not automatically increase the Sum Insured to safe guard an owner builder, BUT rather to safeguard the insurer when they are forced to pay for damages.
NUMBER 4 CONSIDERATION
No name, foreign insurance policies exclude claims investigation costs from the claimable amount. When this occurs, owner builder may find themselves paying out of their own pocket for investigation and claims preparation costs.
NUMBER 5 CONSIDERATION – the free offer which you actually pay for.
Confusing Sums Insured values, by claiming free cover when actually its not free, but you pay for!
Qtrust insurance partners add at no extra cost (over and above Sum Insured value) special lost property restoration or rebuild allowances to call in engineers, architects and other professionals to get any repair or rebuilt works underway quickly. Also at no extra cost allowances for Removal of Debris, Restoration of Records, Site Protection, Mitigations Costs recovery and After Loss Care.
NUMBER 6 CONSIDERATION
After Loss Care refers to a special provision and allowance over and above the Sum Insured value. In the event that you and your family are required to relocate during restoration or repairs or rebuild, the Insurance Policy allows for your family relocation costs. No other Insurance Policy makes this specific allowance.
NUMBER 7 CONSIDERATION
No name, foreign insurers often include a Policy conditions particularly Public Liability Conditions that refer to North America, Canada or European jurisdictions. What has this got to do with Australian owner builders? The answer cannot be ‘it’s not important’ because if it wasn’t important, it would not be noted in the Policy Wordings! These clauses are used primary to support claims investigation costs which as noted above, remain outside the claim and are the responsibility of the owner builder.
NUMBER 8 CONSIDERATION
Tucking as many insurance companies under one brand – in other words several owner builder insurance products are underwritten by more than one insurance company. These old, antiquated practices are price and insurer profit driven, and exposes owner builders as to who is actually insuring their most valuable property. The problem is this practice exposes owner builders to multi – insurer negotiations in the event of a claimable matter. An owner builder can determine this little understood tactic by reading the PDS and identifying the actual underwriter.
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- Clients benefit and rest easy because our Team has reviewed, served and assisted more owner builders than any other insurance firm anywhere across Australia (‘tens of thousands’ owner builder insurance policies signed-off). We know detail. Our record and reputation in helping owner builders is our badge and our Clients safety net
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