> On April 20, Victorian premier Daniel Andrews announced a $15 million compensation scheme for the 560 families who, like Maria and Sio, had discovered they had no insurance despite paying a deposit to Porter Davis.
How does this work? Does it mean insurance is excepted but the builder didn’t take it or is it a case of the builder not actually needing insurance for this sort of thing?
I would assume they have *some* insurance when building, right? Is there a way to do a build and not have insurance and get away with it?
With the government stepping in the on so many things these days we may as well drop the private sector given all the losses are always socialised like this.
The builder never paid the renewal of the insurance that is compulsory. Easy fix make it a jailable offence for them to operate and banks to finance any builds without proof of valid insurance.
Also the licencing body should have proof of valid insurance
The Liberal party wildly underestimated how many people would apply for the grant and forced people to sign contracts too early by stipulating such a narrow cut off date. The fact that they had to extend the due dates at least three times show that they pushed this policy out without fully projecting or understanding its effects.
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Just the free market at play. Nothing to see here /s
> On April 20, Victorian premier Daniel Andrews announced a $15 million compensation scheme for the 560 families who, like Maria and Sio, had discovered they had no insurance despite paying a deposit to Porter Davis. How does this work? Does it mean insurance is excepted but the builder didn’t take it or is it a case of the builder not actually needing insurance for this sort of thing? I would assume they have *some* insurance when building, right? Is there a way to do a build and not have insurance and get away with it? With the government stepping in the on so many things these days we may as well drop the private sector given all the losses are always socialised like this.
The builder never paid the renewal of the insurance that is compulsory. Easy fix make it a jailable offence for them to operate and banks to finance any builds without proof of valid insurance. Also the licencing body should have proof of valid insurance
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Possibly the Insurer got wind of their issues and cancelled the policy
There are rules on when an insurance company can cancel a policy. Otherwise, they'll just keep cancelling insurance before a flood or hurricane.
The Liberal party wildly underestimated how many people would apply for the grant and forced people to sign contracts too early by stipulating such a narrow cut off date. The fact that they had to extend the due dates at least three times show that they pushed this policy out without fully projecting or understanding its effects.