This does not need to be the case, as there are tools available to reduce your financial exposure when working as a subcontractor. Question: How can tradies protect their retention money? Despite changes to the Construction Contracts Act (CCA), meaning that from 31st...
It’s fair to say that when something goes wrong, how well your insurance responds can be the difference between a good result and a nightmare. Having represented both sides of the equation when it comes to liability claims for builders, Builtin suggests a number of...
In the wake of the Stonewood Homes Christchurch collapse, a specialist trade insurer is urging all building subcontractors to take out insurance to protect themselves from the cost of such an event. Builtin New Zealand, a boutique insurance provider that specialises...
We take the time here to explain some of the most common insurance and guarantee options for builders, and highlight some of the common exclusions.
Sometimes accidents happen on site. If you’re prosecuted, having the right insurance in place could save you thousands of dollars.
Errors & omissions indemnity or professional indemnity insurance (they are the same thing) covers your liability for mistakes you make (or someone acting on your behalf makes) that cause someone else a financial cost.
In our final article in the four part series on managing risk for trade businesses we focus on the risk of something happening to key people in the business (that means you).
Unfortunately, it is a fact that over half of all New Zealand construction businesses will have failed after just four years*. The Mainzeal collapse in 2013 served to highlight the risk that many sub-contractors face when working for a principal contractor; the danger of not getting paid for work done and/or losing retention money that has been withheld.
Construction is a risky business, more so than most, yet many builders don’t spend enough time really understanding their risk environment and putting in place strategies to manage, avoid or transfer that risk.
Construction is a risky business, more so than most, yet many builders don’t spend enough time really understanding their risk environment and putting in place strategies to manage, avoid or transfer that risk. In this second article in our Understanding Risk series, we focus on the area that is probably best understood; protecting assets from damage or loss.
Life used to be simple. It was about survival, finding enough to eat and avoiding being eaten by a sabre-toothed tiger. Modern life is much more complicated, especially if you’re a builder and run a business. There’s a lot to think about and one of the most fundamental is how to minimise risk.
Do you know if your company is solvent? If it’s insolvent and you continue to trade you could be in breach of the Companies Act. If the company can’t pay its bills, creditors could seek recovery directly from you personally.
