Professional indemnity insurance - impacting building surveyors across the country
July 09, 2019
Members will be aware that building surveyors are currently facing uncertain times due to challenges in accessing professional indemnity (PI) insurance at a cost they can afford and with cover that meets the requirements of Victorian registration. Reports to HIA indicate the cost of insurance has increased by at least 400 percent, excesses can be over $100,000 and exclusions are being imposed. While accurate information regarding the cause of these problems is difficult to obtain, the implications for the housing industry will be significant if building surveyors are unable to access PI insurance that meets the legal requirements to maintain registration or perform their functions.
This is an issue that is impacting building surveyors across the country. HIA is investigating a number of potential solutions to the issue and is participating in discussions with State Governments across the country.
In the meantime HIA would suggest to builder members that you contact your building surveyor and discuss how they are placed with their PI insurance and registration. You may also need to let clients know that there may be delays to their building work as a result of this situation.
For further information, please call 1300 650 620 to speak with Workplace Services.