Changes to Home Warranty NSW 21/08/2015

Dated: 21 August, 2015

Important Update – Recent Changes to Builders Warranty

On the 4th August the NSW Government implemented changes to the Home Warranty system that principally involved new “open” eligibility limits for builders and contractors, with significant system changes impacting the issuing of job specific certificates.

MBA Insurance Services (MBAIS) are providing assistance to clients that are affected by the changes and are actively working with SiCorp (NSW Self Insurance Corporation) to rectify systems issues that are causing delays. At this time, a number of issues remain unresolved and we recommend making applications for job specific certificates as early as possible.

Refer to the "20150821 Builders Communication_3" publication  from SiCorp clarifying some of the issues being experienced.

Should you have any enquiries please contact the MBAIS on 02 8586 3555.

 

20150821 _ Builders Communication_3 

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Published: 3 August, 2015

Update on Important Changes to the Home Building Compensation Fund (HBCF).

Following our recent correspondence, you will be aware the NSW Self Insurance Corporation (SiCorp) trading as the Home Building Compensation Fund (HBCF) is making significant operational changes to its IT systems and Eligibility approval from Tuesday, 4 August 2015.   From this date, brokers will be accessing a new system to submit and close off your applications with your Eligibility limits changing from a 12 month rolling limit to an open job limit, where you will be provided with a limit for number of jobs open and the total contract values for the jobs. 

You will have received in the mail, a letter direct from SiCorp outlining the new structure of your limits to align with the new open job methodology and an overview of the methodology used to get to your new limits. We ask that you carefully review this letter and contact MBAIS should you have any concerns surrounding your new limits.  

 

Sydney on (02) 8586 3555
Newcastle on (02) 4953 9400
Wodonga on (02) 6058 2000
Melbourne on (03) 9411 4555

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Published: 22 July, 2015

NSW - Changes to HBCF (Effective 4th August 2015)

This link to "Update on Important Changes to the Home Building Compensation Fund.pdf" outlines Important Changes to the Home Building Compensation Fund (HBCF) effective 4 August 2015. 

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Published: 11 June, 2015 

NSW - Changes to HBCF (Effective 4th August, 2015) 

Following the recent Press Release by Hon. Victor Dominello surrounding titled “Red tape reduction a boost for home building sector”, MBA Insurance Services are now able to provide the following clarification around changes being made to the Home Building Compensation Fund effective 4th August 2015. 

1-Builder-comms-v0-1.pdf

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Published: 29 May, 2015

Changes to Home Warranty NSW 

On the 4th August 2015, the Home Building Compensation Fund (HBCF) framework will change, placing more onus on builders when finalising contracts.

New Eligibility Limits

The Rolling Annual eligibility limit that currently sees projects ‘rolling off’ 12 months after they are registered for Home Warranty, will be replaced with eligibility now based on Open Job and Contract Value limits. New eligibility limits are being issued to each builder  

The new limits will be based on the number of jobs and total value of projects under construction. During this changeover, all of your existing jobs that will not be completed by 4 August 2015, will remain ‘open’ within your Facility, until you supply us with a project completion certificate.

We will be supplying each of our builders with more details in relation to their new individual limit within the next month.

New Project Completion Process

 From 4 August 2015, you will be required to provide a short declaration of practical completion for each project registered, confirming the following as a minimum:

  • Project has reached practical completion
  • Updated property address
  • Home owners details

This can be done simply by emailing our office with the declaration form. Once you have made your declaration, the job and contract value will be added back to your open eligibility limit. At the same time, the home owner will be advised that the HBCF policy has commenced.

Get Expert Advice         

HBCF are now restricting the number of insurance brokers who can distribute this product on their behalf, given the complex nature and specialised knowledge required to manage your ongoing Facility. If your Eligibility Facility  isn’t currently held with MBAIS, you should be contacting our office to arrange for this change.

Further information and updates will be made available through our website.

If you would like to discuss any of these changes, please contact us on (02) 8586 3555 (Sydney) or (02) 4953 9400 (Newcastle). 

 

 

 

 

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