Increased Cap on Cover for Unapproved Building Work – Stewart TitleVo Conveyancing & Associate
To ensure that our clients receive the most comprehensive and cost-effective title insurance coverage in the marketplace, Stewart Title is pleased to announce that they have raised their cap on cover from $150,000 to $160,000 for losses resulting from unapproved building work.
This increase in cover will be applied to the following policies ordered on or after 1 October 2017: Residential Purchaser, Residential Existing Owner, Residential Strata, Residential Strata Existing Owner and Commercial Purchaser (under $5 million).
This increase in cover will be applied:
- At no additional premium
- With no reduction in cover
Coverage for unapproved building work will continue to include losses resulting from:
Unapproved Building Work – enforcement action by a Local Authority in relation to structures which have been built or modified by any previous owner of the property without obtaining building or development approvals; or
Non-Compliant Building Work – enforcement action by a Local Authority in relation to structures which do not comply with building or development approvals issued by the Local Authority, including structures which do not comply with building or development approvals because the structures have not been built in accordance with applicable building codes and standards.
For rural properties, this cover is limited to the main residence, including sheds, carports, garages used for residential purposes and any swimming pool.
Should you have any questions regarding this notice, please do not hesitate to contact us or your local Business Development Manager. We will be happy to answer any questions you may have.