South Australia Building Indemnity Rate Increases - Act Now & Save ! 19/05/2016
The SA Government has recently announced premium increases, that will come into effect on 1 July 2016, for the following residential builder segments.
|SEGMENT||PREMIUMS INCREASING BY|
|Fixed rate builders||20%|
|Fixed rate pool builders||40%|
|Builders with category rating w||5%|
|All Multi-unit developments||up to 85%|
The premium increase will apply to certificates issued for :
- Single dwellings
- Alterations and additions
- Swimming pools
- Multi-unit developments. (n.b. all applications for Multi unit projects (e.g. strata title developments) will also be subject to underwriter approval and ‘priced on application’ POA).
In order to facilitate a smooth transition to the new rates, any application for a building indemnity certificate that you wish to have processed under the existing rates MUST be received by Friday 24th June 2016. If you are unable to submit the application to us by this date, you may be charged the new rates, as your application may not be processed until after the changeover date. Please also note that our online self issuing certificate system www.mbais.com.au/get-a-quote will be shut down on this date, to enable the new rates to be incorporated into our system.
For further information, or if you would like to discuss your Building Indemnity or other insurance needs, please don't hesitate to contact Mardi or Alison on 08 8461 8288