As you are aware, in recent times the construction industry has been hit with supply chain disruptions, skilled labour shortages, sharp increases in cost of materials and logistics, extreme weather events, and more. While these factors continue to disrupt our industry, it has had a further ripple effect on the insurance industry, including domestic building insurance.
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.
The VMIA have informed us that they have implemented additional processes and systems to identify such activity (for example, additional evidence of cash held at the bank by way of a full transaction history). Where documentation has been submitted by the builder or on behalf of the builder that is found to not be authentic or accurate, it may affect the builder’s eligibility and ability to purchase insurance.
The VMIA will also refer such matters to the regulator, the Victorian Building Authority.
If you do come across any such matters, we encourage you to contact BRIC directly with as much detail as possible so we can liaise with the VMIA accordingly.
If you have any questions or concerns, or if we can support in any way, please feel free to reach out to our specialist DBI Team.
Bricemail@example.com | 1800 077 933
BRIC, as a company of Honan Insurance Group Pty Ltd is now fully owned by Marsh Pty Ltd. To find out more, speak to your broker or read the announcement