News

Force insurers to cover northern risks, says MP

Queensland MP George Christensen has supported linking insurance licensing with an obligation to provide cover in northern Australia, after continuing to hear complaints about lack of availability and soaring premiums. “We are hearing that, in some cases, no Australian insurer is currently willing to offer new insurance policies to strata title apartments or commercial hotels...
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Building industry insurance crisis intensifies

The Property Council of Australia has joined other prominent industry bodies in calling for the Commonwealth, State and Territory governments to immediately convene an industry roundtable on resolving the insurance crisis for the building and construction sectors. The Council’s Chief Executive Ken Morrison said: “For too long, different levels of government have been passing the...
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Most tower blocks defective, study finds

An analysis of 212 building audits in three states has found more than half of high-rise blocks have at least one defect, prompting calls for an insurance overhaul to address the problem. Building fabric and cladding issues top the list of flaws, followed by fire protection, waterproofing, roof and rainwater disposal, and structural issues, the...
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Greens push for $50 million cladding fix

The Greens want Canberra to finance a $50 million kitty to help affected apartment owners pay for the urgent removal of flammable cladding materials. The Emergency Cladding Safety Fund is part of a five-point plan the Greens are pushing to address the cladding crisis ahead of the federal election next week. “Governments are passing the...
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D&O rates rising as class actions keep coming

The directors’ and officers’ market is continuing to deteriorate for Australian-listed companies as premiums keep rising and insurers moving to improve profitability become more selective. Companies in the ASX200 experienced a median 122% increase in primary premiums in the second half of last year following an 89% gain in the first six months, an Aon...
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VCAT’s Lacrosse decision sparks controversy for building professionals

A few hours ago, in a courtroom with standing room only, his Honour Judge Woodward handed down what could end up being the most anticipated decision for 2019 – the decision flowing from the rectification of the cladding on Melbourne’s Lacrosse residential tower (Lacrosse), following the 24 November 2014 fire that is alleged to have caused current and anticipated losses exceeding $12 million. The commencement of the fire was quite simple –...
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Ignorance is not always bliss – Building Professionals Negligence

18 October 2018 |  An underground 11,000 volt cable owned by SA Power Networks (SA Power) (the respondent on appeal and the plaintiff at trial) was severed by sub-contractors, D&V Services Pty Ltd (D&V) (the appellant on appeal and the defendant at trial), which led a nearby earth leakage detector to trip, causing significant damage...
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ICA offers alternative to unfair contract terms model

The Insurance Council of Australia (ICA) has offered a counter-proposal to Canberra’s plans to extend unfair contract terms legislation to the sector. It suggests that a standalone set of unfair contract terms protections be introduced in the Insurance Contracts (IC) Act, which largely mirror those in the Australian Securities and Investments Commission (ASIC) Act. “If...
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A Growing Issue – Flexible Braided Hose Water Damage

A strata manager or owners’ worst nightmare: a phone call from the tenant who says a flexible braided water hose under the sink has burst and there is water going everywhere. It can mean some 1,500 litres of water per hour flowing through the property. This is a growing issue as many property owners are...
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