Products

The icare HBCF is a scheme that sits at the end of a comprehensive consumer protection regime for homeowners undertaking residential building projects in NSW (conditions, limits and exclusions apply) where the contract price exceeds $20,000. Where a builder is unable to honour their commitments under a contract due to the builder’s death, disappearance or insolvency, the policy will cover the homeowner for loss or damage resulting from non-completion of the work or a breach of statutory warranty. The Home Building Act 1989 regulates the cover required and service standards of icare HBCF managed by SICorp.

Insurance and Care NSW (“icare”) is a NSW Government agency and delivers the insurance and care schemes for the New South Wales community. The NSW Self Insurance Corporation (SICorp) is responsible for the Home Building Compensation Fund under section 8A of the NSW Self Insurance Corporation Act 2004 and is a “relevant authority” under the State Insurance and Care Governance Act 2015. This means that icare provides services and facilities to SICorp in the administration of the Home Building Compensation Fund.

icare HBCF uses an outsourced model for managing the provision of insurance and RBUA is one of its trusted insurance agents.

Find out more about icare HBCF visit www.icare.nsw.gov.au.

The contract of insurance is arranged by Residential Builders Underwriting Agency Pty Ltd (RBUA) (ABN 55 604 481 521, AFSL 477528) acting as agent for Great Lakes Insurance SE (ARBN 127 740 532, ABN 18 964 580 576 and AFSL 318603) trading as Great Lakes Australia, who in turn acts as agent for NSW Self Insurance Corporation (SICorp) now a part of Insurance and Care NSW (icare) which administers the Home Building Compensation Fund.

Click here for a list of approved intermediaries who can assist your builders warranty needs.

The RBUA WA Home Indemnity Warranty product is offered to all builders in WA. The cover is mandatory for all residential building work undertaken in WA (conditions, limits and exclusions apply) where the value of work exceeds $20,000. Cover continues for a period of 6 years after completion of building work and is obtained by builders for the benefit of the owner and any subsequent owner of the property where building work was not completed or is defective and the builder is unable to complete or rectify due to the builder’s death, disappearance or insolvency. The cover is for a maximum aggregate value of $100,000.

The contract of insurance is arranged by Residential Builders Underwriting Agency Pty Ltd (ABN 55 604 481 521, AFSL 477528) acting under a binder as agent for the insurer Great Lakes Insurance SE (ARBN 127 740 532, ABN 18 964 580 576, AFSL 318603) trading as Great Lakes Australia.

Click here for a list of approved intermediaries who can assist your builders warranty needs.

The RBUA SA Home Indemnity Warranty product is offered to all builders in SA. The cover is mandatory for all residential building work undertaken in SA (conditions, limits and exclusions apply) where the value of work exceeds $12,000. The policy provides cover for loss arising from non-completion of the work for a period of 12 months and cover for other claims in respect of the work for a period of five years from the completion of the work. Cover is obtained by builders for the benefit of the owner and any subsequent owner of the property where work was not completed or breach of a statutory warranty and the builder is unable to complete or rectify as a result of the builder’s death, disappearance or insolvency. The cover is for a maximum aggregate value of $80,000.

The policy wording is determined by statute and there are no extensions to cover available.

The contract of insurance is arranged by Residential Builders Underwriting Agency Pty Ltd (ABN 55 604 481 521, AFSL 477528) acting under a binder as agent for the insurer Great Lakes Insurance SE (ARBN 127 740 532, ABN 18 964 580 576, AFSL 318603) trading as Great Lakes Australia.

Click here for a list of approved intermediaries who can assist your builders warranty needs.