Builders Warranty insurance covers your client’s building for loss or damages resulting from the non-completion of work, the loss of a deposit or breach of statutory warranty. Within Australia, it is mandatory for a licensed or owner builder to hold builders warranty insurance and obligations differ significantly between states and territories. In today’s changing landscape it’s never been more important to keep your clients securely protected with the right advice and coverage.
Residential Builders Underwriting Agency offers warranty products that provide mandatory cover for residential building work. Cover is obtained by builders through an insurance broker and is current for a specific period after the completion of building work depending on the state. While the cover is provided to the builder, the product is in favour of the owner and any subsequent owner of the property during the warranty period where building work is not completed or is defective and the builder is unable to complete or rectify as a result of the builder’s death, disappearance, or insolvency.
The policy wording for each state is determined by statute and there are no extensions to cover available.