VIC: Early Access Licence - Public Risk

Discussion in 'The Buying & Selling Process' started by Geoff T, 26th Nov, 2019.

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  1. Geoff T

    Geoff T New Member

    Joined:
    26th Nov, 2019
    Posts:
    1
    Location:
    Melbourne
    Hi!

    We have been granted access to our apartment in a building prior to settlement. We are the only ones granted this permission and we expect to be in 3-4 weeks prior to others.

    We have received the draft agreement, which has requested that we must take out Public Risk Insurance of $20 million.

    However, our lawyer has said this is going to be difficult to find as, 'I am not sure if any insurance company will provide you with such insurance as the property forms part of an owners corporation and the owners corporation usually arranges public risk insurance once the plan of subdivision has registered.'

    I have spoken to one broker who more dealt with architects, but she said also said we would have difficulty with this.

    Has anyone had any experience on this from either end and provide any guidance?

    Thanks
     

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