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Changes to SA Building Indemnity insurance premiums


The SA Government has recently announced changes to Building Indemnity insurance (BII) in South Australia which will come into effect on the 1 July 2017.

What changes are occurring?

  • When applying for a BII certificate you will now need to provide an extract of the building contract confirming the following information:
    • Details of the contract including; builder details (including ABN/ACN), owner details and site address details
    • Contract price / costings section
    • Signature page/s
  • Broker commissions will no longer be included within the base premium, as has previously been the case. We will now receive our remuneration by an administrative fee which will be charged in addition to the premium. The total premium payable will be as per the premium stated in the rate chart included with this correspondence.
  • All certificates issued on or after the 1 July 2017 will have an increase in indemnity limit from $80,000 to $150,000.
  • The Residential Builders Underwriting Agency (RBUA) will no longer act on behalf of South Australia Government Financing Authority with the issuing of BII certificates and QBE will now be the sole distributor in South Australia.

How HIA Insurance Services (HIAIS) will support your business:

HIAIS will continue to provide your business with efficient and high level of service in managing the changes that will commence as of the 1 July 2017, as well as the following Broker services we provide:

  • Increases in profile limits for existing builders
  • 24 – 48 hour delivery of certificates*
  • Assistance in ensuring submissions are supported by the right business case.
  • Advice and attendance to appeals on your behalf.

If you would like to discuss the Building Indemnity insurance changes please call HIAIS on 1800 762 852.

*Provided you have an approved profile with the insurer, and subject to peak periods.  

Contact
1800 762 852