Changes to Domestic Building Insurance for Builders
Domestic Building Insurance (DBI ) has undergone significant changes introduced by the VMIA - The Victorian Managed Insurance Authority.
The changes have been introduced with the intention of simplifying and making the process quicker via an online portal – BuildVic. The information can be accessed by any electronic devices for ease of purchasing, managing and accessing DBI with the new initiative designed to make the process of gaining Domestic Building Insurance Certificates and documentation easier.
With the potential for you to manage the process yourself through the online portal, according to the VMIA, there will be potential opportunity to lower the costs of Domestic Building Insurance which is great news for Builders.
What the changes mean for you
Starting 1st July 2017, as a Registered Builder you will not be able to go through your own Insurance Broker who were responsible for managing your Domestic Building Insurance by QBE. What this means is that your broker will not be able to provide you with your Insurance for Domestic Building work that you do and the following organisations have been chosen as the panel to provide Domestic Building Insurance through the BuildVic portal.
Can I still use my Insurance Broker?
Yes, your Broker can assist you in choosing a member of the panel and they can manage your Domestic Building Insurance on your behalf even if they are not a member of the panel of Insurers. Speak to your broker for recommendations on choosing a distributor.
What next?
If you have a Builders Licence / Builders Registration it would be wise to think about choosing a DBI Distributor to set yourself up for the new system to obtain DBI.
You will need to fill in the DBI Distributor Nomination Form from the DBI website then the VMIA – Victorian Managed Insurance Authority will develop a BuildVic Account from the information you have provided. This will then give you the opportunity to manage your own Domestic Building Insurance through your own Build Vic Account.
For further information of the changes to DBI go to https://www.dbi.vmia.vic.gov.au/latest-news%20node%20name/announcement-2
In order to continue to provide you with the high level of service and advice in relation to DBI, Arcuri & Associates Pty Ltd have partnered with Insurance House Pty Ltd.
As such, we recommend selecting ‘Insurance House Pty Ltd’ as your preferred distributor. Please feel free to contact Arcuri & Associaties Pty Ltd on 1 300 272 874 and mention that you have been referred by Builders Licence Made Easy.
Builder Licence Made Easy Team