Home Indemnity insurance arrangement extended in WA 04/07/2013
The State Government has reached an agreement with QBE Insurance (Australia) Limited that will see the insurer continue to provide home indemnity insurance in Western Australia for the next three months.
Building Commissioner Peter Gow said an extension of the previous terms and conditions up to 30 September 2013 had been signed off by both parties. He said further negotiations with QBE were also underway for a transitional agreement to commence on 1 October 2013.
The transitional agreement will enable the Government to consider the Economic Regulation Authority's final report on its inquiry into Home Indemnity Insurance in WA. Negotiations are also continuing with Calliden Insurance Limited to continue to provide home indemnity insurance to WA during this period.
Home indemnity insurance is required in Western Australia for all residential building work valued over $20,000. The insurance is usually taken out by the builder in the name of the owner before accepting payment or commencing work.
Source: WA Building Commission as of Jul 02, 2013