The construction industry is facing a crisis across Queensland, Victoria and NSW with building surveyors unable to access professional indemnity insurance as a result of flammable cladding.
The Master Builders Association says up to 30 per cent of surveyors are required to renew their insurance by the end of June and if the insurance offered is not sufficient it may cause building projects to be halted.
CEO of the Australian Institute of Building Surveyors, Brett Mace, says while construction “won’t stop overnight,” industry professional believe if the issue is not resolved surveyors could go out of business and cause a slowdown in the construction industry.