The failure of state and territory governments to better regulate apartment development more than five years after a major report laid out necessary reforms means up to half of all new units built could have “serious” defects, construction lawyer Bronwyn Weir says.
Sam Duke
The one thing that offers new home buyers total peace of mind
A game-changing new insurance could be the key to ensuring new apartment nightmares are a thing of the past.
Buyers of defective Imperial Towers apartments in Sydney allowed to break contracts, recoup deposits in ‘radical’ first
Nearly 100 people who purchased defective apartments in a Western Sydney development will have their contracts rescinded and deposits returned under a landmark agreement.
Bad developers have left a trail of misery, but our reforms are cleaning them out
Recent media coverage of the worst apartment developers and builders over the past 15 years has wreaked havoc on public confidence.
Insurers come back to NSW apartment construction
Insurers are coming back into high-rise apartment construction, and the first developer is likely to take out a defects liability insurance policy in coming weeks, as a result of NSW building regulation reforms that have tightened up standards and made risks more transparent.
The new insurance created to protect apartment buyers
Most buyers on the hunt for a brand new apartment have a wish list, with top priorities often including space to work from home, a pleasant outlook and proximity to public transport. Now there’s another priority worth adding to your list: a developer with Latent Defects Insurance (LDI).
Resilience appoints third broker to distribute latent defects insurance product
Resilience Insurance says Coverforce has been appointed as an authorised distributor for its Latent Defects (LDI) offering, joining SHC Insurance Brokers and Master Builders Insurance Brokers to sell the product on its behalf.
NSW first to offer 10-year insurance for apartment buyers
The NSW Department of Customer service has accepted the application of an insurance provider to offer 10 years of protection for residential apartment buyers, making New South Wales the first state to offer such product.
NSW Leads the Way with Apartment Defect Insurance
Minister for Fair Trading Victor Dominello said the NSW Department of Customer Service has accepted the application of Resilience Insurance to offer decennial liability insurance as a form of security under the Strata Building Bond and Inspections Scheme.
Resilience Insurance launches latent defects cover
Managing general agent Resilience Insurance says its new latent defects insurance (LDI) product for high-rise buildings is a “game changer” for the construction industry, which has been affected by widespread reports of failures in design, workmanship and use of inferior materials.
