The Government is considering plans for a multimillion-dollar insurance fund to protect the building industry from leaky home lawsuits...
Saturday, February 15th 2003, 5:43PM
by The Landlord
Herald inquiries have established that insurance companies are refusing to cover work on leaky buildings - driving several firms under and prompting the Building Research Association (Branz) to ask the Government for help.
Most insurers are already cancelling cover for leaks, rot or mould to building certifiers - who inspect new homes for councils - and building surveyors, who often check homes for buyers.
Home-owners could be affected if no action is taken, because building work could be disrupted and no insurers would be left to pay out on leaky building claims. Branz believes professionals such as builders, developers, architects, engineers, certifiers and surveyors may soon have to provide their own insurance through a levy.
