Single detached dwelling

If you’re building or renovating a single detached dwelling, the premium is based on the insurable value of the work.

The term 'insurable value' is the amount which represents the reasonable cost of having the work carried out by a licensed contractor on the basis that all materials are to be supplied by the contractor - whether or not the work is carried out on this basis.

One contract for two single detached dwellings

Where there is a single contract to construct two detached dwellings, the premium payable is determined by reference to the “notional price” of the work, ie: the average insurable value of the work for each dwelling.

The premium payable is calculated as follows:

• Contract price/no. of dwellings = average value of work per dwelling (notional price)
• Check premium tables to get the premium for this average value.
• Multiply this premium by the number of dwellings – this will give the total premium payable.

Duplex

A duplex is a single building which contains two separate living units.

The calculation of premium for a duplex is based on the notional price of the work as follows:

• Contract price/2 = average value of work per living unit (ie: the notional price)
• Check premium tables to get the premium for this average value.
• Multiply this premium amount by 2 – this will give the total premium payable.