Queensland Consolidated Regulations

QUEENSLAND BUILDING AND CONSTRUCTION COMMISSION (MINIMUM FINANCIAL REQUIREMENTS) REGULATION 2018 - REG 17J

17J Licensee must maintain professional indemnity insurance

(1) This section applies to a licensee who holds a class of licence stated in schedule 2 , table, column 1 and mentioned in the provision of the Queensland Building and Construction Commission Regulation 2018 stated in column 2 opposite the class of licence.

(2) The licensee must maintain professional indemnity insurance for at least the amount stated in schedule 2 , table, column 3 opposite the class of licence, for any 1 claim and in total during any 1 period of insurance.

(3) However, if the licensee is the holder of a fire protection—electrical stream—certify—fire alarm systems licence mentioned in the Queensland Building and Construction Commission Regulation 2018 , schedule 2 , part 31 , section 1 (2) , the licensee may either—

(a) maintain the professional indemnity insurance required under subsection (1) ; or

(b) maintain public and products liability insurance for at least $5M.

(4) The licensee must, before the expiry of the licensee’s professional indemnity insurance, give the commission—

(a) evidence that the licensee has renewed the policy, or has entered into a new policy for professional indemnity insurance; and

(b) a statutory declaration verifying the licensee’s professional indemnity insurance complies with this part.

(5) A licensee who is a director or employee of a corporation, or partner in a partnership, maintains the professional indemnity insurance required under this section if the corporation or partnership maintains the professional indemnity insurance mentioned in this section.