Generally, your job specific application will take between 24 to 48 hours from receipt to process. To ensure that we can process your application in a timely manner, please complete all the relevant questions on the application form. All the details that we require should be contained in your contract with your client.
From receipt of all the requested documentation, your builder profile change will take approximately 20 days to process. Please include as much of the information requested on the relevant checklist as possible.
The documentation that we require to cancel or amend a home warranty certificate will depend on which insurer has issued the certificate. If you need to cancel or make a variation to a certificate, please download a Certificate Cancellation/Variation Request Form.
Each insurer has an application form to allow you to request a variation to your existing eligibility profile.
We recommend you talk to one of our experts who can advise you about the insurer requirements for changes to your eligibility.
Your choice of forms to request a change of your warranty profile:
This will be dependant on which way you are structuring your business and the individual insurer’s requirements, but as a general rule your net tangible worth should be approximately $50,000 or 10% of the yearly turnover limit that you are requesting.
There are many different reasons that could instigate a financial review. These include:
If you are unsure why you have been requested to undergo a financial assessment, please contact your relevant branch to discuss.
A speculative home is only recognised as such when the owner of the land on title is exactly the same as the name of the building entity. Where this is not the case, a domestic/residential contract should be entered into.
Once the insured has paid for their Builders indemnity Insurance, they will receive back from our office a stamped paid copy of the invoice and coverage summary which then needs to be forwarded to the Building Practitioners Board for licence renewal
The annual Construction Works and Public Liability policy is set up with an estimated turnover. At the end of the policy period we may need to make an adjustment on this turnover figure if the estimated turnover is not reached or alternatively if it is exceeded. Another reason for the actual turnover declaration is that it is a requirement of the insurer (and government legislation) to be informed of the postcode and the contract value of any works that are undertaken so that the correct terrorism premium be charged.
A lot of our clients become confused with their period of insurance. The period of insurance is the dates the policy is to run between. It is not, as most people think, set for a financial year. For example, 12 April 2006 to 12 April 2007
As per the policy wording, the definition of turnover is as follows: the gross amount expended on labour, materials, goods, services and subcontracts in all phases of building and construction works in connection with all insured projects under this policy including those declared under the "Run-off provision" for the Policy
The definition of structural turnover for the Builders Indemnity policy is anything that is integral for the building to stand up. This will include foundations, columns, beams, floor slabs, retaining walls, external load bearing wall, portable frame, structural timber framing, trusses, load bearing lift shafts and roof framing.