In an exciting development for builders and construction professionals in South Australia, we’re thrilled to introduce to you Assetinsure, a new Builders Warranty Insurer in South Australia.
Who is Assetinsure?
AssetInsure provides a diverse portfolio of insurance products, and currently offer a similar Builders Warranty coverage in Victoria. They will utilise this experience to provide South Australian customers with a Builders Warranty insurer choice, promising to bring fresh perspectives and innovative solutions to meet the specific needs of builders and their clients.
AssetInsure acknowledges that its offerings may not suit every client’s requirements, and their main limitation at this stage is that they will only be able to assist those who can demonstrate at least 3 years of experience as a Licensed Builder.
Webber Insurance will be authorised to deal with both the new insurer and the existing insurer, QBE.
We welcome enquiries from builders, contractors, and individuals involved in the construction industry who are curious about exploring alternative options.
What does Builders Warranty Insurance cover?
Builders Warranty Insurance protects the homeowner (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 builders 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 that the insurer compensates 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).
Will this impact my current insurance?
With the Builders Warranty Insurance landscape witnessing a notable change, industry experts predict that builders and construction professionals will benefit from a more diverse range of insurance providers, each offering unique advantages and tailored solutions.
As the competition heats up, it is essential for builders to evaluate their insurance needs regularly and consider exploring options that align with their specific requirements.
For more information on Building Indemnity Insurance in South Australia, visit the SA Government website.
If you have any queries about the AssetInsure offering, please contact Elizabeth Webber at [email protected] or 1300 932 237.