Leaky Home Insurance Scare
Thursday 15 April 2004
Property Management
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Insurance companies no longer cover building inspectors for "leaky home syndrome," meaning affected home-owners have scant chance of securing compensation from them.
By The Landlord
The Building Industry Association has begun a review headed by leaky building expert Don Hunn. He led the government's 2002 leaky building investigation which reshaped New Zealand's building requirements.Under the Building Act, private and city council inspectors approve buildings by signing off compliance certificates. But if an inspector approves a faulty building, he/she will no longer be insured against negligence claims.
This means if the inspector is proved liable for approving a leaky home, the home-owner has little chance of compensation. Since the leaky building debacle most insurance companies have cancelled "weathertightness" - ie, "leaky homes" - cover or written a raft of exclusions into their contracts
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