NSW is the first jurisdiction in Australia to introduce a new insurance product that offers 10 years’ protection for buyers of residential apartments.
Minister for Fair Trading Victor Dominello MP 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.
“This is a big win for apartment owners and body corporates,” Mr Dominello said.
Consumers in NSW also have the benefit of the industry-led Independent Construction Industry Rating Tool (iCIRT), a five-star system to rate the trustworthiness of builders, certifiers and developers.
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NSW leads way with apartment defect insurance
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