Roofing insurance cover has always been limited. Until now
The roofing business has become more complicated and more complex in recent years. With leaky building issues has come new restrictions and red tape for roofing businesses, and with it, greater responsibility, and therefore greater risk, for the owners of those building related businesses.
To cover this risk, Austinsure has created a package called Roofsure. Simply, it’s designed to protect roofing related businesses from the wide range of risks they face. Roofsure has been developed in line with the Roofing Association’s suggested risks for their members. This package can also further tailored to suit the unique needs of your business.
If you want to know more, please read on. If you’d simply like to find out how we can help you, call us on 0800 009 001, or email us today.
Exclusive Roofing Association Members’ Insurance Package
From the 1st March 2012, the Department of Building and Housing brought in a license requirement for those supervising and certifying Restricted Building Work (RBW).
This new regime creates a clearer line of accountability for owners, designers, building consent authorities and building industry professionals. Councils will not issue a Code of Compliance for a building consent issued after 1st March 2012 unless a Record of Work for all Restricted Building Work, completed by an appropriate Licensed Building Practitioner, is included in the application
What does this mean for Roofing Association members?
This means that building industry professionals are more exposed, and need to make sure that their roofing insurance coverage is extensive enough to protect them in a variety of possible scenarios:
- If you are licensed to undertake RBW and are reported to the new complaints board, a range of penalties could be imposed. These penalties could affect your license, and consequently your ability to undertake further RBW. Therefore, it is vital that you are able to defend yourself against a complaint and be able to meet any resulting fine the board may enforce.
- As well as complaints, you could face third party claims for financial losses incurred as a result of errors or omissions whilst undertaking design or supervision, or in the completion of documentation relating to RBW.
- Finally, there are provisions under the Building Act that could lead to a prosecution in court, and the imposition of a fine
What is Roofsure?
The new licensing regime has a huge impact on the industry, and the Roofing Association worked together with Austinsure Ltd to negotiate an appropriate roofing insurance solution for its members.
Austinsure is delighted to be able to offer Roofing Association members the exclusive Roofsure insurance package.
Roofsure is a tailored insurance package offering Roofing Association members cover on all business insurance requirements at competitive rates, and including comprehensive combined liability insurance protecting your business where you are legally liable, and catering for the additional exposures under the new LBP regime.
The package includes:
Public liability
Covering third party property damage and bodily injury. Including cover for leaky building claims for work undertaken since the new licensed building regime was introduced on 1st March 2012
Employer’s liability
Covering employee injury not covered by ACC.
Statutory liability
Covering unintentional breach of most government statutes.
LBP professional indemnity protection
Protection for sign off of restricted building work for the firm which includes: Defence costs for investigations by the Building Practitioners Board arising from complaints made against you by your clients
- Fines imposed by the Building Practitioners Board
- Third party claims arising from errors in Record of Work documentation
- Third party claims arising from supervision of non-licensed building practitioners
Directors and officers liability
Directors and officers of a firm can be exposed to allegations against them from employees, competitors, shareholders, regulators, creditors and clients. This cover is designed to provide financial compensation and assistance to directors and officers in defending themselves against such allegations while continuing to carry out the necessary functions of their business.
Contract Works Insurance
Contract works insurance covers loss or damage to works, and items, onsite caused by fire, water, flood, malicious damage, storm and cyclone subsidence, landslip and earthquake, as well as covering theft and accidental physical loss. Contractual requirements mean that you are responsible for items and works onsite, and without the right insurance coverage, this could be very costly if damage, theft or loss occurs.
There are two main options available for contract works cover:
- Annual declaration: Although roofing is often a sub-trade, there will be jobs – such as re-roofing – where you are the main contractor and have an agreement directly with the client. An annual policy means that you are covered on all such jobs that fall within the parameters of your policy, without needing to contact us. Cover will exclude existing structures and will exclude instances where you are a sub-contractor to someone else.
- Single contract: Underwriters will consider single risk cover for sub-contract works and/or excess buy downs.While this is not guaranteed in every instance, the support of the Roofsure scheme behind each request will add weight to any application for this made under the Roofsure scheme.
Business assets
Cover for your loss, or damage to your business assets, including business properties such as workshops, warehouses, plants or factories, and for equipment and tools of trade, anywhere in New Zealand.
Business interruption
Covers for loss of revenue and additional costs following interruption to your business caused by an insured peril.
Motor vehicles
Comprehensive cover for all your vehicles.
Personal insurance assistance for members
Austinsure can also assist members with home and contents insurance, private vehicles, travel, income and life protection, trauma and medical insurance.
You’re already sure of your workmanship, but when the unthinkable happens, will you be covered?
Austinsure’s exclusive Roofsure insurance is a comprehensive insurance package available to the roofing industry right now. If you want your business in good hands, contact Austinsure today for free Roofsure quote. Call us on 0800 009 001, or fill in our Book an Appointment form, and we’ll be in touch.
