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Insuring Victoria’s landmark cladding rectification program

Cladding Safety Victoria is delivering an industry-first insurance solution so that more building practitioners can get on with delivering the Victorian Government’s $600 million cladding rectification program.

Cladding-specific exclusions in many building practitioners’ professional indemnity insurance policies have reduced the number of practitioners who can participate in cladding rectification.

To bridge the gap, Cladding Safety Victoria (CSV) have procured brokerage firm Lockton to deliver a solution.

A suite of policies will provide professional indemnity insurance coverage, supported by contract works and construction liability coverage, for works funded through CSV’s program.

This information applies where a building contract for cladding rectification works funded under the Cladding Rectification Program (CRP) is executed between an owner and builder after 15 December 2020.

This FAQ is intended to be a guide in respect of the insurances that have been arranged by CSV for works funded by CSV and performed under the CRP. It is not a replacement to you reading the full terms and conditions of the policies and seeking advice as necessary from your insurance adviser or broker for your circumstances. The insurances arranged by CSV will not cover all risks that may arise as a result of works funded by CSV and performed under the CRP. The insurances arranged by CSV will not cover works that are not funded by CSV. You should seek your own advice from your insurance adviser or broker about the possible risks, and if you need to obtain any further insurance.

Lockton is the insurance broker who has arranged the insurance policies arranged by CSV and can be contacted by emailing csvinsurance@au.lockton.com.

Frequently Asked Questions & Answers

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