Victorian Building Authority:
Professional Indemnity Requirements for Building Surveyors
It was inevitable but the VBA has now moved to permit Victorian Building Surveyors to maintain their registration and carry Professional Indemnity insurance that includes external wall cladding exclusions as gazetted today.
Requirements for Quantity Surveyors, Engineers (Civil, Mechanical, Electrical and Fire Safety) and drafts persons remain unchanged, meaning they must still carry Professional Indemnity insurance with no such exclusions to remain compliant.
Despite the VBA relaxing the requirement for Building Surveyors, it is imperative to understand that this does not diminish their exposure to litigation for work undertaken on projects involving such materials. The costs involved in defending and potentially settling these matters will now be transferred to the Building Surveyor’s own funds.
Before accepting Professional Indemnity insurance that includes exclusions of this nature, it is crucial to assess your past projects and individual situation and be informed about your personal exposure. Some exclusions are far more onerous than others.
To discuss further please feel free to get in contact.
CLICK HERE TO VIEW THE ‘BUILDING PRACTITIONERS’ INSURANCE MINISTERIAL ORDER’
