NSW Builders: Act Now to Meet 2026 Professional Indemnity Insurance Requirements

Key aspects include:

• Statutory Duty of Care: The act introduces a duty of care for practitioners, applicable retrospectively, allowing claims up to ten years after project completion if defects cause financial loss.
• Extended Liability Period: This provision heightens the need for tailored PI protection, as builders could face claims long after project completion.

Industry experts advise builders to review existing insurance arrangements ahead of the compliance date to ensure adequate coverage and protect their business's future, profitability, and reputation.