Upcoming Building Indemnity Insurance changes in SA 09/06/2017
The South Australian Government Financing Authority (SAFA) has recently announced a number of changes to Building Indemnity (BI) Insurance which come into effect on 1 July 2017.
Below is a summary of the changes;
Increase in indemnity limit – increase from $80,000 to $150,000, applying to all certificates issued on or after 1 July 2017.
Consolidation of brokers – the number of brokers who directly access BI Insurance via QBE will be reduced.
Removal of broker commission – brokers will no longer receive commission from QBE, brokers may charge their own set of fees.
One distributor of BI Insurance – from 1 July 2017, QBE will be the sole distributor for BI Insurance in South Australia.
MBAIS will communicate more about these changes in the lead up to 1 July.