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A WA builder has landed in hot water after he understated a property project’s value by two-thirds on insurance documents.
Rivervale-based Matteo Daqui has been fined $1,000 for misleading conduct after understating a project’s value by two-thirds on insurance documents and on a building permit application.
According to a statement issued by Building and Energy, a division within the state government’s Department of Mines, Industry Regulation and Safety, Mr Daqui was contracted to provide roofing, renovation and painting services at a Leeming home in June 2018. The final account for all the work was $106,718.
Despite this, an investigation by Building and Energy revealed that “Mr Daqui listed the value of the project as $35,000 when he applied for a home indemnity insurance policy and the relevant building permit from the City of Melville”. This reduced the levy fees and insurance premiums by more than $900 when compared to those for the full contract price, the group said.
“At its August 2019 meeting, the Building Service Board found that Mr Daqui breached the Building Services (Registration) Act 2011 by misleading the City of Melville and the insurer when he understated the contract value,” Building and Energy explained, with executive director Saj Abdoolakhan welcoming the board’s decision.
“While the breach did not put the consumer at any additional risk in this case, it is imperative that building service providers operate within the law and with honesty and integrity, including declaring the full scope of works in a building permit application,” the executive director said.
In real estate, insurance is a contract or policy that protects an individual or entity’s property from damages and losses, receiving reimbursement from an insurance company.
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.