Building Indemnity Insurance – Assetinsure

Webber Insurance is a Assetinsure Approved distributor for Building Indemnity Insurance.

Start the Transfer Process

Begin the process to change to AssetInsure for Building Indemnity Insurance.

Contact us on 1300 932 237 for further information.

Building Indemnity Insurance – AssetInsure

It’s your building business, protect it.

Building Indemnity Insurance, provided in South Australia by AssetInsure and QBE, is a statutorily required insurance product in most states for building contractors carrying out domestic building contracts.

This product is also called Home Warranty Insurance, Builders Warranty Insurance, Domestic Building Insurance, or DBI, with insurance criteria differing from state to state.

In South Australia, Webber Insurance is a sanctioned provider of Builders Indemnity Insurance, collaborating with both QBE and AssetInsure. Any domestic construction projects valued over $12,000 that mandate council approval will necessitate Building Indemnity Insurance.

You can gather more information from the South Australian Government via this link.

New Insurer for Building Indemnity Insurance in South Australia

Effective 24th May 2023, AssetInsure is an approved Building Indemnity insurer in South Australia. 

AssetInsure provides a diverse portfolio of insurance products, and currently offer a similar Building Indemnity coverage in Victoria. They will utilise this experience to provide South Australian customers with a Builders Indemnity insurer choice, promising to bring fresh perspectives and innovative solutions to meet the specific needs of builders and their clients.

We welcome enquiries from builders, contractors, and individuals involved in the construction industry who are curious about exploring alternative options.

Who can take out Builders Indemnity Insurance?

Building Indemnity Insurance can only be taken out only by a Building Work Contractor that holds a Builders License.

This insurance cover cannot be taken out if you are undertaking the works yourself, even if you are building a house, performing renovations or building an extension.

What does Building Indemnity Insurance cover?

Building Indemnity Insurance protects the home owner (and subsequent home owners) from:

  • Non-completion of the Building Contract, including loss of deposit
  • Incomplete or defective building work if the builder becomes insolvent, dies or disappears on the job; and
  • Failure of the builder to correct faults which are the builder’s responsibility by law, such as poor workmanship and the use of inappropriate or unsuitable materials.

Claims can usually only be made on this policy up to 5 years from the practical completion of the work.

The insurance policy may necessitate the insurer compensating either the total liability limit (capped at $150,000) or the cost of the contractual work that needs finishing (if the amount is lower than the liability limit).

When is Building Indemnity Insurance needed?

As a building contractor, you are responsible for making sure that this insurance is in place. Building work cannot start until all of the following has been completed:

  • Building Indemnity Insurance has been taken out by the building contractor
  • The building owner has received a copy of the certificate of insurance
  • The council has received a copy of the certificate of insurance

How do I apply for Building Indemnity Insurance?

Assetinsure is able to assist builders either with new eligibility or to transfer eligibility from QBE. In both instances, a new Assetinsure eligibility application form will need to be completed and returned to us to commence the process. You can download the form here.

To assist you with your application form, Webber Insurance charges $495 + GST, which is payable prior to submission to the insurer of the Eligibility Application Form. This is a non-refundable payment to cover the administration cost of submitting your application to AssetInsure.

Please note that AssetInsure will also charge their own admin fees on top of our application fee for the following transactions, upon approval:

  • New applications – either new builders or builders currently insured with QBE obtaining a new indemnity certificate
  • 12-month renewal reviews
  • Each certificate per job
  • Mid-year amendments

Assetinsure’s fee varies depending on each builder’s size. We will confirm any fees to be payable prior to the commencement of any submission to Assetinsure on your behalf.

A claw hammer with a red and black handle is shown against a white background. The metal head has a curved claw on one side for removing nails and a flat striking surface on the other side, an essential tool for professionals working under building indemnity insurance requirements.

AssetInsure Builders Indemnity FAQs

They are a smaller and nimbler organisation for the benefit of their customers. They prioritise quick and efficient service, and obtaining the best commercial outcomes for clients.

Yes, however, if it is for more than 2 units on a site we require you to submit plans and documentation first for our perusal.

A review typically takes a maximum of 2 weeks from when all required information is received.

In cases where a job isn’t auto approved, the review typically takes 3 business days or less from when all required information is received.

Limits are reviewed on a case by case basis.

Once Assetinsure have issued your eligibility, you will receive log on details to their online portal, where you will be able to issue any certificates required.

Builders Warranty Insurance covers non-completed and defective work that is unable to be rectified due to the builder dying, disappearing or becoming insolvent, or in the case of a company, that ceases to exist or becomes insolvent. To lodge a claim, you can complete the claim form located here.

More Information

For more information regarding Building Indemnity Insurance, please contact us on 1300 932 237 or email [email protected].

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