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Embarking on a career as a builder is an aspiration for many, driven by the desire to contribute to the creation of dream homes, renovation projects, or extensions that enhance the lives of clients. However, the journey to becoming a builder entails more than craftsmanship—it involves navigating regulatory frameworks, obtaining licenses, and securing insurance coverage, all of which are essential components of operating within the construction industry.
To successfully operate as a domestic builder undertaking residential construction in Victoria, you are required to have a sound knowledge of your Domestic Building Insurance legal obligations. This includes the associated process to secure DBI eligibility and how to take out DBI certificates.
While Christmas Day typically involves light-hearted conversations about holidays, books, and movies, as well as reflections on the past year and hopes for the New Year, we suggest adding a less festive but important topic to your household discussions this Christmas: Domestic Building Insurance (DBI).
At Honan, we’re big believers in growing an exceptional brand, business and reputation through exceptional people. People with market-leading expertise, proven results and a fierce commitment to serving their clients, but also people with creative, considered points of view and a willingness to share them. These are our challenger champions - the ones who progress, lead and succeed by doing things a little differently, delivering on promise, and proving their passion through outstanding performance. In this series, we get to know them a little better; picking their brains for exclusive industry/category insights, future predictions, and the secrets behind their success.
Domestic Building Insurance (also known as Builder’s Home Warranty Insurance or Builder's Risk Insurance) has had considerable media attention in the past year, as part of broader media reporting on builder insolvencies. Despite this, there remains a lack of understanding of this type of insurance – its purpose, coverage, and value. Given the importance Domestic Building Insurance (DBI) plays in safeguarding what is often an individual’s most valuable asset - their home - understanding what this insurance encompasses, and what it doesn’t, is useful.
The Victorian Government has announced reforms to address the economic challenges builders face, including rising supply chain costs and lower consumer confidence in the wake of the Porter Davis insolvency. The reforms aim to strengthen the building system and provide better protection for homeowners while offering clarity to the building industry. This article outlines the key reforms.
The recent collapse of a major players in Australia's home construction industry is the latest in a string of domestic builder insolvencies. The fastest increase in interest rates in decades coupled with continually rising costs and fixed price contracts has further compounded industry challenges. Whilst the situation may be unnerving for consumers, understanding what protections are available when engaging a builder and how you can navigate Australia’s domestic construction landscape can provide peace of mind. Simon Johnson, Head of BRIC and Chitra Sharma, Team Leader, explain how.
As a distributor for the VMIA, it is our role to manage our clients’ expectations and direct them accordingly. The VMIA has made us aware that over the past 6-12 months there have been instances where they are seeing falsified cash at bank letters and doctored certificates of insurance. In response to this, the VMIA have put in place mechanisms to identify when this occurs.
QBE has advised that Building Indemnity Insurance (Builders Warranty) for all construction categories (excluding multi rates) in South Australia will increase by 4% effective 1st September 2022.
Over the last quarter, severe weather has continued to impact communities and businesses across the country. Coupled with this, ongoing interruptions to supply chains are having far-reaching consequences and in terms of insurance, almost no sector remains unaffected. To learn more about the latest developments and what they could mean for you, don’t miss our insurance highlights and forecasts for builders and construction professionals.
As you enter this phase, the last thing you want to be concerned about is losing the assets you have built and an event that could negatively impact your quality of life. This is where run-off insurance comes into play.
The Regulation accompanies the previously introduced Design and Building Practitioners Act, which seeks to provide greater regulation of the design and construction industry and to help enhance consumer confidence in the safety of new apartment buildings.
In the wake of three earthquakes across Victoria’s north-east on September 22, 2021, property damage in Melbourne and regional Victoria has added an additional level of complexity following the State’s two-week construction shut down announced on 21 September.
MELBOURNE, March 3, 2021 – Honan Insurance Group (Honan), one of Australia’s fastest growing international brokers, has announced it has acquired Bovill Risk & Insurance Consultants (BRIC), one of the country’s foremost professional indemnity (PI) and construction insurance specialists.
