HBCF launches new eligibility assessment process
On 4 July 2022, HBCF launched its new eligibility assessment process for builders seeking to purchase certificates of home building compensation insurance.
The new risk-based assessment simplifies the process of applying for insurance and cuts down waiting times—with builders receiving a decision within 48 hours.
Designed to take the complexity out of the application process, the new system will apply to around 94 per cent of builders (those currently in small and system-reviewed segments) in the Home Building Compensation Fund (HBCF) portfolio. It replaces the old system which involved a full financial submission that could take up to a month from lodgement to decision.
The move is also good news for builders who are not eligible for the new process, as they will now receive greater underwriting focus and support progressing through the eligibility process.
"It's all about making the complex simple," said Nathan Agius, General Manager, icare HBCF.
"Our customers are busy, and they want systems that are easy and quick to interact with. Our new risk-based assessment reduces administrative and information burdens on customers, while at the same time ensures thorough vetting and appropriate coverage limits," he added.
These changes will also bring icare HBCF in compliance with the new regulatory guidelines issued by the State Insurance Regulatory Authority (SIRA) in December 2021.
