Apartment defects turns insurance crisis

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Via The Australian:

Construction projects worth billions of dollars could grind to a halt as hikes to professional indemnity insurance premiums begin to force building certifiers out of business in what the industry warns is a “national crisis”.

One of Queensland’s biggest certifiers, GMA Certification Group, declared on Thursday it was “dead in the water” following a rise of 200-300 per cent in professional indemnity premiums.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.