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ARTICLE · 24 NOVEMBER 2017

Is product liability insurance snake oil?

Building industry stakeholders should consider product liability insurance as a means of de-risking their businesses.

AustraliaInsurance

As first published in Electrical Comms Data online on 6 November 2017

With the senate inquiry into non-conforming building products (the Senate Inquiry) underway, building industry stakeholders have reported a concerning rise in defective building products being imported into Australia.

Whether it is faulty cables, flammable cladding or exploding glass balconies, potential liability as a result of non-conforming or non-compliant building products should not be underestimated, and building industry stakeholders should consider product liability insurance as a means of de-risking their businesses.

The global-local challenge

We live in a global economy that brings with it a number of advantages. It also allows the importation of cheap building materials into Australia, at times without the appropriate control mechanisms in place.

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