HBCF premiums expected to rise in NSW
NSW pool builders can expect an increase in the cost of their Home Building Compensation Fund (HBCF) insurance premiums as part of the NSW Government’s decision to overhaul the HBCF. The premium increases will be phased in over the next two years.
Builders will receive a personal letter from icare (Insurance and Care NSW — Home Building Compensation Fund) through their broker, detailing their new premium. The premium will include risk-based pricing for individual builders, which is designed to ensure that lower risk builders don’t subsidise higher risk businesses.
The new system will also change the way brokers are paid, with the broker adding a service fee to builders’ premiums, rather than a commission paid by the fund. This change is reportedly not expected to result in a higher cost to most builders. Building contractors are advised to contact their brokers with any questions about the changes.
icare is also creating a new digital portal for builders to submit policies, self-manage eligibility and close open jobs online. This portal is expected to launch in April 2017.
More information on the changes is available on the icare hbcf website.
HBCF is a mandatory insurance product that builders are required to take out for residential building work over $20,000. The NSW Government announced an overhaul of the HBCF in November 2016; a reform bill is expected to be introduced to parliament in the first half of 2017.
More information on the reforms is available from the State Insurance Regulatory Authority (SIRA) website.
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