HOME WARRANTY INSURANCE
This insurance policy covers the owner against fault by the builder. If the builder may dies, gone broke, retires or will not rectify faulty work the insurance company will pay out the owner and pursue the builder. The builder must obtain the insurance policy. If the builder cannot obtain his own home ownersˇ¦ warranty insurance policy it is probable because he is unlicensed, has had previous claims against him or is unprofitable. The better the builder is the more insurance he is able to obtain and the lower his premiums will be. For example a small builder may be able to obtain only $100,000 per year worth of insurance.
If a builder asks you to obtain the home ownersˇ¦ warranty insurance policy instead of the builder beware. This puts all of the responsibilities on the owner and NOT the builder. The owner losses all rights to claim against the builder. We strongly recommend against this. The builder should always obtain the policy.
O'Mara has NEVER had a claim by any previous client against home owners' warranty insurance. We are rated by our insurer as a CLASS 1 builder. The highest rating available. We can obtain insurance usually within 48 hours.
CONTRACT WORKS INSURANCE
This covers all new materials delivered to site and all new work is fully insured against theft, vandalism, fire and any other damage.
O'Mara is fully covered for this insurance at all times.
WORKERS COMPENSATION INSURANCE & SICKNESS / ACCIDENT INSURANCE
All people working on site need to have insurance to cover any accidents and injury on site
Companies need to have workers compensation insurance, sole traders only need to have sickness & accident insurance.
O'Mara is fully covered for this insurance at all times.
PUBLIC LIABILITY INSURANCE
This covers all anyone who enters the site and hurts themselves on site. It does not matter if they were allowed to enter the site or if they were trespassing. They still need to be covered. Councilˇ¦s usually require cover for up to $10,000,000.
O'Mara is fully covered for this insurance at all times.
HOME CONTENTS INSURANCE For HOME ADDITIONS & RENOVATIONS
O'Mara cannot cover your house "contents" with our standard construction insurance. You will need to check with your insurance company that your house contents is covered while renovating against theft or damage (eg water damage), some companies will cover you, others will not. If your current insurance company will not cover your contents while renovating you may need to take out a separate policy to cover your contents during construction. O'Mara cannot cover your contents as they are not our property.
EXISTING HOUSE "STRUCTURE" INSURANCE
You should also check to see if your current house insurance will cover your existing residence "STRUCTURE" during construction. This is to cover your existing home against damage during construction not caused by the builder. (Eg water damage, fire, electrical shorts, etc). If the builder caused the damage the builder is always liable for any damage. However if the damage is caused by a fault in the existing home and has nothing to do with the new work being completed then insurance is required to cover the existing house structure. Many insurance companies will not your existing house while building work is being completed. We can take out a special insurance cover for your existing residence "STRUCTURE" if your current insurance company will not. The cost of this policy can be obtained upon request
