Public & products liability
Insurance built by Master Builders
Phone 1300 13 13 26
Public and products liability insurance are insurances that provide protection for amounts you may become legally liable to pay for compensation in respect of third party personal injury or property damage, as a result of an occurence in connection with your business activities.
Master Builders has developed Master Builder ProtectionPLUS™ public and products liability insurance to offer high quality insurance protection against these claims against you and also any approved legal costs incurred in defence or settlement of them.
Liability claims, particularly serious personal injury cases, can run into many millions of dollars and building sites are hazardous places where serious accidents regrettably do occur.
Public liability insurance in respect of a building site provides cover for occurrences that happen while your works are being performed. For example, for an accident that might occur during construction.
Public liability is not only a common contractual requirement, having it just makes good business practice and sense.
Products liability insurance provides cover for occurrences that happen after the works have been completed and handed over. For example, if a problem or defect in a building causes third party injury some months or years later.
The period of exposure to these kinds of claims has no time limit, as they can arise from occurrences that could happen at any time in the future. However, there may be restrictions regarding the amount of time an injured person has to submit a claim after an injury occurs.
Products liability should not be confused with statutory warranties applicable under building regulations, as these generally relate to the rectification costs of faulty building works.
Which one do I need?
The reality is that if you only hold public liability insurance, you are probably only insured for half of what you need. The most effective method of managing the different risks and policy response is to arrange both public and products liability insurance under a combined annual policy that encompasses all of your works. To adequately cover both your public liability and products liability exposures, it will be necessary to have insurance in place at the time the occurence causing the claim against you actually happens.
Master Builders has a number of public and products liability insurance products that are suitable for both builder and trade contractor needs.