We've removed the requirement for developers to lodge Works Warranty Bonds after they've completed works for us.
Liability for damage to property 3.12.1
The owner agrees to indemnify and assure us against any liabilities, losses, costs or expenses of any kind in respect of the destruction or damage to any property (real or personal) that may be incurred or sustained by us as a result of or in connection with the execution of the Works.
Liability for injury to persons 3.12.2
The owner agrees to indemnify and assure us against any liabilities, losses, claims or proceedings whatsoever whether arising under any Statute or at Common Law in respect to personal injury to, or the death of, any person as a result of or in connection with the execution of the works.
Public liability insurance 3.12.3
The owner must take out and maintain, in the joint names of him/herself, us, all contractors and sub-contractors, a public liability insurance policy with a limit of liability of no less than $10,000,000 for any one occurrence, to cover any liabilities, losses or costs whatsoever incurred by us or any third party in relation to any negligent act, error or omission in the execution of the works by the owner, its contractors and sub-contractors.
The Public Liability insurance needs to be effective from the date the contractor moves onto the site of the Works till the date of the Certificate of Completion. The Owner must produce a current insurance policy or certificate of currency in respect of its insurance conforming to the requirements of this clause immediately on request by us.
Professional indemnity insurance 3.12.5
The owner shall require the consultant has Professional Indemnity insurance with a minimum liability of $1,000,000. The Professional Indemnity Insurance policy must cover any liabilities incurred by us as a result of the design or the works and must note the interests of us specifically with respect to this Agreement. As proof of this insurance, the consultant needs to provide us with a Certificate of Currency from the consultant's Professional Indemnity insurer or insurance broker. The Certificate of Currency needs to display the limit of liability and the expiry date of the policy.
Contract works - Material damage 3.12.6
We'll effect a policy of insurance to cover the contractors and/or sub contractors for their respective rights and interests in the whole of the Works against loss, destruction or damage for full reimbursement and replacement cost for the period of construction being the date the contractor moves on site till the date of Practical Completion (maximum period for one project is 104 weeks) and for the maintenance/defects liability period (maximum period for one project is 54 weeks).
In the event of a claim, the owner agrees to pay us the amount of any excess payable in respect of any such claim ($100,000 for any one occurrence).
In addition to any insurance it's required to effect by law or by the Offer, the Owner may, at its discretion, effect any insurance at its own cost and expense.
The Owner needs to ensure any Contractor engaged is registered as an employer subject to the provisions of the Accident Compensation Act 1985 (as amended in 2004).