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Builders in Australia need public liability insurance ($10M–$20M is standard), contract works insurance to cover the project under construction, and home warranty insurance for residential builds over a threshold value. If you employ staff, workers compensation is compulsory. Tools, plant and equipment cover is also essential.
Home warranty insurance (also called domestic building insurance or home building compensation) is a consumer protection scheme that protects homeowners if a builder dies, disappears, or becomes insolvent before completing a residential project. It is compulsory for domestic builders in most states for projects above a dollar threshold — typically $12,000–$20,000 depending on the state. It is purchased by the builder for each project and included as a certificate in the building contract.
Contract works insurance (also called construction all risks or CAR insurance) covers damage to a construction project in progress — the partially built structure, materials on site, and temporary works. Covered events include fire, storm, accidental damage, vandalism, and theft of materials. It is typically required by residential building contracts and principal-supplied for major commercial projects. Builders working on smaller projects can purchase a project-specific or annual contract works policy.
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