Builders Home Warranty is required by law for all residential work over $12,000 in all states except Queensland and Northern Territory to protect homeowners from non-completion or defective workmanship should their builder disappear, become insolvent or die also to protect homeowners where the builder simply refuses to meet there contractual obligations and has been found at fault by the Consumer, Trader and Tenancy Tribunal or by the courts. In most states, it is not required for developments consisting of over three residential storeys (excluding underground carparks and commercial levels). Cover extends for six years from completion date of the project.
Changes to Builders Warranty in NSW from 1 July 2010
From 1 July 2010, the NSW Self Insurance Corporation (SI Corp) takes over as the single insurer for the Home Warranty Insurance Fund in NSW. The NSW Self Insurance Corporation will replace the present insurers; QBE, Calliden and Vero.
Following a comprehensive tender process, Calliden Insurance Limited and QBE Insurance (Australia) Limited have been appointed insurance agents for the new Government-underwritten scheme for Home warranty Insurance.
The Builders Insurance Broker has appointed under this scheme to act on all Builders Warranty enquires and requirements both Licenced Builder and Owner Builders.
Under the new arrangement, the NSW Self Insurance Corporation plans to introduce new underwriting and claims guidelines and a single pricing structure for all builders.
In order to minimise disruption, existing eligibilities will be automatically transferred from QBE, Calliden and Vero to the NSW Home Warranty Insurance Fund.
Builders will continue to contact us to obtain policies and for construction projects subject to any existing eligibility conditions by completed the Single Project Application Forms and Multi Unit Applications Forms below..
Premium rates will remain unchanged from the existing rates on 30 June 2010. A new premium structure will be implemented by the NSW Home Warranty Insurance Fund in coming months. We will be able to provide further information once the new structure is announced.
