LBP PROFESSIONAL INDEMNITY INSURANCE
According to the registrar of the LBP scheme, 20% of complaints to the Building Practitioners Board are related to records of work. Is your insurance adequate if a complaint is made against you, or you’re accused of making a mistake?
Builtin’s policy is designed for individual LBP license holders. It covers:
- The costs of defending a complaint to the Building Practitioners Board
- Liability for damages from mistakes made in RBW Records of Work documentation
- Claims arising from LBPs supervising non-LBPs performing restricted building work
SUPERVISION AND SIGN OFF
SIGNING OFF RECORDS OF WORK
HOW MUCH DOES IT COST?
The legal cost of defending a complaint to the Building Practitioners Board, as well as the damages awarded for making a mistake in your record of work documentation could easily run to thousands of dollars. Given the risk, LBP Professional Indemnity Insurance makes good sense.
Premiums start from as low as $250 + GST per year, depending on amount of cover you want.
POLICY KEY FACTS
This is meant as a summary of the most important items of the policy. For a complete understanding of what it does and doesn’t cover you should always read the full policy wording.
- Defence costs and resultant fines from a complaint to the LBP disciplinary board
- Liability for financial losses suffered as a result of errors and omissions in Record of Work documentation
- Liability for financial losses suffered as a result of supervision of non-LBPs performing restricted building work
WHAT'S NOT COVERED
- the cost to fix defective workmanship
- performing or supervising work outside your license class
OTHER THINGS YOU SHOULD KNOW
- an excess is payable for each claim