Kassis Homes founder, Sam Kassis, and his brother-in-law, Romio Georges, are currently developing Grand Reve – one of the first NSW apartment towers in decades to be given an insurance policy against building defects.
This comes more than 20 years after home warranty insurance for NSW buildings over three storeys high was ended in 2002.
According to The Sydney Morning Herald, the new insurance policy involves the insurer, Resilience Insurance, using experts to carry out a series of checks at all stages of a building’s construction — by a developer or builder previously awarded a good score from the iCIRT star rating system.
In the case of Grand Reve, which is a two-tower, 192-apartment building in Sydney, its builder Dasco has a 4.5-star rating. The insurance becomes active on the buildings’ completion.
Kassis told the SMH whilst the insurance policy was expensive at close to $3 million, “it gives people more certainty, and an extra level of comfort, in what they’re buying.”
The insurance policy was put in place by NSW building commissioner David Chandler and NSW Fair Trading Minister Victor Dominello after some serious development defect stories such as Mascot Towers, and concerns around flammable cladding were raised.
Source: The Sydney Morning Herald.
