A certificate of eligibility with us means that you have been assessed by Corporate Scorecard, the Eligibility Manager, and have been granted the entitlement to apply for an icare hbcf certificate of insurance for individual projects.
Your hbcf eligibility also refers to the eligibility conditions under which the certificate of insurance may be granted to you.
These conditions include:
- open job limits (number and value); and
- types of construction and maximum contract price
It’s important to start the application process well before you intend to commence any residential building work. To help make sure your application is successful, get familiar with the eligibility guidelines.
How to apply
- Find a broker from our list of approved Broker Distributors
- Complete a builder eligibility application form
Gather all information your broker distributor will need
Including financial statements, likely number, type and value of potential projects and your contractor licence details.
Finding a broker distributor
Applications for eligibility cannot be made directly to the Corporate Scorecard, the Eligibility Risk Manager, or hbcf. As a builder, you will need to go through an approved distributor (broker) to manage the application process on your behalf.
Additional documents to provide
Once you have chosen your broker distributor, you will need to provide them with:
- your completed eligibility & profile change application form
- a recent balance sheet, profit and loss statement (for company and trust) or tax returns (for sole trader and partnership)
- a statement of personal assets and liabilities
- copies of rates notices for all properties declared on the statement of personal assets and liabilities
- refer to the check-list in the application form for any other required supporting documentation.
The Eligibility Risk Manager uses your financial statements to assess your financial viability. They may make further enquiries to seek clarification of issues associated with your application.
What happens next
Your broker distributor will keep you updated on the progress of your application. When assessing your eligibility application the Eligibility Risk Manager takes into account the following criteria:
- financial performance
- equity exposed to the building operations
- technical capability
Where builders are assessed as a "high risk", this may result in conditions being imposed or the application being declined.
Once the assessment has been finalised, approved builders are provided with a certificate of eligibility and builder eligibility assessment report which summarises the eligibility conditions placed upon a builder.
Once you have received a certificate of eligibility, you will be able to apply for a certificate of insurance for individual projects.
If you want to change your eligibility profile you will need to undergo the application process again.
You may, for example want your business to take on different types of construction such as a multi-unit development or you may wish to increase the number and/or value of projects that you have under construction at any given time or to increase the maximum contract price for a work category.
Reviewing your eligibility
On an ongoing basis, eligibility is subject to review. How often you may be reviewed is determined by the Eligibility Risk Manager on completion of the underwriting assessment, and by our programmed periodic review requirements.
The majority of small builders are granted an exemption from annual reviews.
The Eligibility Risk Manager may also undertake a special eligibility review if it appears a builder’s circumstances have changed. The Eligibility Risk Manager will assess the financial viability of the builder to continue to hold eligibility.