NSW Plans Defects Insurance for Apartment Buildings

NSW will introduce a defects insurance scheme that will protect apartment owners ten years after a building’s completion, a move Minister for Better Regulation and Innovation Kevin Anderson calls the “end game” in efforts to reform the state’s highly problematic construction sector. Decennial Liability Insurance, a scheme in operations in some 30 countries already, will be the last in a series of reforms regulators and policymakers have been working on to improve governance, increase scrutiny on developers, builders and contractors and allow insurers to accurately price risk in the industry. Read more…

Source: afr.com

Image source: istockphoto.com