NSW

Here are 7 major reasons why you need BuildSafe Owner Builder Warranty Insurance:-

1. To prevent the purchaser of your home cancelling the contract at any time before settlement.
2. To avoid a $22,000 fine.
3. Best Policy Package Available. You or your clients will benefit from the most competitive and comprehensive policy on the market today.
   Quick Turnaround. Paperwork is processed quickly and efficiently as our service includes urgent response facilities, i.e. -we are able to issue the insurance policy by fax.
4. Quick Turnaround. Paperwork is processed quickly and efficiently as our service includes urgent response facilities, i.e. -we are able to issue the insurance policy by fax.
5. Expert Knowledge. Providing particular help for those with complex cases.
6. Less Stress and Hassle. Our underwriting and service support package provides you with peace of mind, easy policy completion and follow up support and advice.
7. Our Experience. BuildSafe and our sister company, Australian Owner Builders have been helping owner builders since 1987. We have the proven track record and know all the pitfalls and their solutions.

Most asked Questions and Answers

What is Owner Builder Warranty Insurance?
Owner Builder Warranty Insurance is a compulsory insurance required by the Home Building Act 1989 from May 1st, 1997. The legislation requires all Homeowners who intend to sell their home within 6 years of completion of any work under an Owner Builder permit to provide an Owner Builder Warranty Insurance policy for the benefit of the purchaser of the property.

The legislation applies to any residential building work undertaken by an Owner Builder, over $12,000 in value, where an Owner Builder permit was issued. This insurance only applies where the Owner Builder work is to be sold within 6 years of completion and is not required if the Owner Builder does not sell the property within this period.

What does the Insurance Cover?
The insurance provides the purchaser (& subsequent purchasers) with cover for the Statutory Warranties provided in the Act. It is important to note that a claim can only be made under this policy if the Owner Builder dies, disappears or becomes insolvent. Otherwise, it is the Owner Builders responsibility to rectify any faults that are not listed as defects, incomplete works or second hand materials under the defect report.

What Doesn't the Insurance Cover?
The insurance does not cover claims arising from:

• Fair wear and tear or failure of the homeowner to reasonably maintain the works.
• Commercial construction work or commercial use of the work.
• Defects that are identified in the inspection report which is undertaken prior to the issue of the Contract of Insurance.
• Appliance or apparatus that are outside the manufacturers warranty period, or if no warranty period exists, the reasonable lifetime of the appliances or apparatus.
• Defects which the purchaser should have reasonably been aware of at the time of purchase.
• Acts of nature.

Buidsafe Owner Builder Warranty Period of Insurance
The prescribed Owner Builder Warranty Insurance commences from the date of the Contract of Sale and expires 6 years after the date of completion of the Owner Builder work. The maximum limit of liability is $300,000 per job.
The legislation allows for a $500 excess to apply to the purchaser of the property for each claim made.

Why do I need and who do I call for an Inspection Report?
It's required by the insurance company for underwriting purposes. Freecall 1800 019 233 for your nearest inspection service

What happens if an Owner Builder sells and doesn't have Owner Builder Warranty Insurance?
An Owner Builder, who sells within 6 years of completion of works and fails to obtain Owner Builder Warranty Insurance, or attach an insurance certificate to the Contract of Sale, can face a fine of up to $22,000.

If a Contract of Sale has been entered into without Owner Builder Warranty Insurance, the contract can be voided by the purchaser at any time before completion of the contract.

Before we can complete your policy you will need to:

• Arrange an inspection/defects report and attach a copy. You MUST use our accredited inspector, please call (1800 019 233) to find an inspector close to you.
• Complete and sign the proposal form· Attach a copy of the Department of Fair Trading Owner Building Permit
• Attach a copy of the Council Building Approval or Develpoment Concent
• Attach a copy of the Council Final Inspection Certificate
• Enclose payment: Money Order, Bank Cheque or Credit Card details. Personal or business cheques are not accepted.

Please ask about our Turnaround time options available to you

• Standard Turnaround – 24hrs
• Express Service – 4 hrs
• Super Express Service – 1hr

Please Note: Express and Super express are services that attract an additional fee.
Please ask our consultant about your options. Times are based on standard policies where all information is received.

Be Sure Be Safe Build Sure BuildSafe

For a Warranty Insurance Proposal Form - Click here

For a list of Accredited Building Inspectors - Click here

For a Warranty Insurance Product Disclosure Statement & Policy Wording - Click here

Before making a decision about any of our products, please read our Financial Services Guide - Click here