Insurance premium

Pricing on the combined Construction Risks – Material Damage and Liability policy has largely been maintained in line with previous years.

Policy wording

Changes have been made to clarify coverage. The changes do not impact cover provided by the policy.

Policy coverage sub-limits

Some sub-limits under Section 1 – Material Damage have been amended, and are listed below. The policy wording and coverage remain broad and competitive.

Sub limit  2020-2021  2021-2022   
Idle/standby charges  $2,000,000 $250,000 each event, $500,000 in the aggregate each project  
Extra expense  $5,000,000 $250,000 each event, $500,000 in the aggregate each project  
       

More Information

Contact us on 03 9270 6900 or contact@vmia.vic.gov.au.

Please read the full 2021-2022 policy terms and conditions [PDF, 774KB]