Resilience Insurance says its decennial cover for new apartment blocks has been approved by Building Commission NSW.

The state parliament last month passed legislation allowing the provision of decennial insurance, aiming to improve protection for apartment owners.

Decennial liability cover arrived in Australia in 2022, when Resilience introduced its latent defects insurance with 10 years of post-construction protection against major structural faults in new buildings including apartment towers.

Resilience says its product will now feature on the NSW government’s register of available decennial insurance policies.

The underwriting agency adds the Building Commission tested the policy “hard”.

“That is exactly what buyers should want from a regulator. For buyers, it’s real recourse: strict liability cover for major structural defects for 10 years from completion, claimable directly, with no need to chase a builder or developer through the courts to be made whole.

“For the market, it’s a trust signal. Off-the-plan buying only works if people believe the building they’re paying for today will still be sound in a decade.”