With recent changes to Domestic Building Insurance (DBI, many builders are seeking guidance on how to navigate the transition from Assetinsure (AI) to a Building and Plumbing Commission (BPC) appointed distributor. This article provides answers to frequently asked questions about the streamlined process for transferring builder eligibility, application requirements, timelines, and what to expect during this transition.
If you don’t have a distributor, you need to nominate a BPC approved provider to access DBI. You can find the details of the distributors here.
The nominated distributor will assist you with completing the Application for DBI Eligibility. Please note the application form is a Statutory Declaration that needs to be completed fully, accurately and signed.
If your distributor is appointed by the BPC, they can assist you with completing and lodging your application.
Please provide supporting evidence (i.e. an email to AI) that you have tried to obtain a copy of a new LOE and the latest one on file.
The new process applies to any builder with active eligibility transferring from Assetinsure. If a builder Assetinsure facility has recently (within 6 months) been cancelled these can be put through this streamlined process.
If a builder’s Assetinsure facility was cancelled over 6 months ago, then the standard review process will be applicable. BPC have been accepting any LOE from 2025, so as long as it is within 12 months old it should be ok.
If approved for eligibility, a builder may be offered transitional eligibility terms based on their prior DBI history. All transitional terms will be subject to a comprehensive financial review within 6 months of the builder accepting terms offered by the BPC.
BPC are not seeking full review documents in this initial transition phase. There is no point in collecting full review documents now as they will be outdated by the time a full review is initiated (within 6 months).
Applications will be processed promptly – BPC are taking up to 10 days to offer Terms if noting adverse noted on the builder.
No as by the time BPC assess the financial, they will be outdated hence the 6-month condition.
These builders will not be part of the streamline queue – they will be required to submit a full financial review.
To transfer your AI facility you will be part of the streamline process, a group review (review of all entities) may be requested when BPC initiate their full review request in 6 months’ time.
A full financial review will be required if a significant increase is being requested. These builders will not be part of the streamlined process.
If you have any additional questions during this transition, please contact the BRIC team here.
This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. BRIC shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. Any modelling, analytics, or projections are subject to inherent uncertainty, and any analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change.
LCPA 26/1516