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Are your clients protecting themselves after a PPI?

You are here: Home / News / Are your clients protecting themselves after a PPI?

Your clients need to understand that dampness, cracking and structural timber pest damage are all risks which cannot be fully assessed through a single inspection event.

Unless the client is prepared to implement a preventative maintenance program for the property which includes systematic inspections, detection and prevention of incipient failure, then insurance may be another option to consider.

In respect of the condition of a property, a pre-purchase property inspection report is only a snap shot in time. If your client suffers a financial loss due to a problem developing with the building in the future and does not have adequate insurance to cover that loss, then the client may try and claim on your professional indemnity insurance.

When formulating a risk reduction strategy, in addition to maintenance advice your client should be made aware of insurance protection against future damage to the property caused by events such as fire, earthquake, storm, flood and escaping water.

As an example, if your client buys the property and takes out building insurance which includes storm damage, in the event of a leaking roof and a dampness problem being discovered after a storm proceeding your inspection, then the client has a no fault insurance policy to claim under.

We are proposing offering access to links that can be added to report or emails that will prompt the purchaser to obtain insurance quotes. This would be conducted completely online.

www.prepurchasehomeinsurance.com.au

DISCLAIMER
Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.

The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.

Filed Under: News

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Wymark Insurance Brokers - Wollongong

Level 1 17 Flinders Street, Wollongong, NSW 2500

02 4202 6174

Wymark Insurance Brokers - Melbourne

10/758 Blackburn Road, Clayton, VIC 3168

1300 797 830
03 8566 7247

Wymark Insurance Brokers (Melb) Pty Ltd T/as Wymark Specialty | ABN: 88 627 915 039 is a Corporate Authorised Representative No. 001282067 of Aviso Select Pty Ltd T/As Aviso Select | ABN: 45 001 366 847 | AFSL No: 239049

Wymark Insurance Brokers (Melb) Pty Ltd ABN: 88 627 915 039 is a Corporate Authorised Representative No. 001282067 of Wymark Insurance Brokers Pty Ltd ABN: 11 010 863 966 AFSL: 238769.

AFS Brokers Pty Ltd T/as Wymark Insurance Brokers Wollongong | ABN: 42122949044 is a Corporate Authorised Representative No. 001282067 of Aviso Select Pty Ltd T/As Aviso Select | ABN: 45 001 366 847 | AFSL No: 239049

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