LCPA 25/939
Statutory requirements for builders
Domestic building or home warranty insurance as it is also referred to, is the mechanism by which Australian state and territory governments establish a level of security for consumers of domestic building work.
If you are a licensed builder, you have a statutory requirement to purchase home owners warranty insurance for all projects of a certain value. Whilst legislation differs from state to state, domestic building or home owners warranty insurance insures the home owner in relation to defective workmanship; and/or failure to complete the building work because of death, disappearance or insolvency of the builder.
If home warranty insurance is required, it must be purchased by the builder at the time of entering a building contract.
Bovill Risk & Insurance Consultants Pty. Ltd. (BRIC); ABN 78 072 412 474 is a Corporate Authorised Representative of Honan Insurance Group Pty Ltd (AR 1308194), a part of the Marsh Group of companies.
This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire the product, refer to the specific policy wordings, product disclosure statements and/or target market determination (TMD) available from BRIC on request.