18 June 2024
1 min read
#Construction, Infrastructure & Projects
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It will surprise few to learn that a regulation has been quietly introduced to further defer the requirement for registered building practitioners to have adequate insurance under the Design and Building Practitioners Act 2020.
The Design and Building Practitioners Amendment (Miscellaneous) Regulation 2024, published on 7 June 2024, amends the Design and Building Practitioners Regulation 2021, with effect from 1 July 2024, to further exempt registered building practitioners from the requirement to adequately insure until 30 June 2025.
The previous exemption was set to expire on 30 June 2024. The context for the exemption is a market which traditionally hasn’t offered the equivalent of professional indemnity insurance for builders.
It remains to be seen whether the market will effectively prevent this element of the Design and Building Practitioners legislation from one day taking effect, or force the state into a position where to advance it, it must become the insurer.
If you have any questions about this change, please get in touch with a member of our team below.
Disclaimer
The information in this article is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this article is accurate at the date it is received or that it will continue to be accurate in the future.
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