Latest News

Implementing HBCF Reforms
19 Jun 2017

Following the NSW Government announcement the HBCF Insurance has commeced its reforms to ensure long term financial sustainability and to improve services to customers. 
 
These improvements, such as introducing risk-based pricing mean that lower risk building contractors will receive more equitable outcomes and clarity on their premium. The new pricing includes the introduction of risk based pricing for individual building contractors so that contractors with lower risk characteristics will no longer subsidise higher risk businesses. In turn, consumers will benefit by being able to make better informed choices.

read more
Making things easier for Builders in NSW
19 Jun 2017

icre hbcf is bringing building insurance into the 21st century with the design of a digital portal for builders. The Self-Service Portal, due to be launched in mid-July will digitise the process of applying for insurance for builders. Through the portal, participating builders will be able to:

  • view their own eligibility limits and risk based pricing profile
  • obtain quotes for projects
  • review current utilisation of eligibility limits
  • submit new policy applications
  • mark construction projects as completed, and
  • view builder specific reports and certificate data. 

read more
HBCF Reforms
19 May 2017

In December 2015, NSW Fair Trading released a discussion paper outlining potential reform options to ensure the HBCF is financially sustainable and continue to protect homeowners. The paper suggested a number of reforms to the current statutory insurance scheme. On 3 November 2016, the NSW Government made an announcement outlining reforms to the Fund. To remain viable, any insurance scheme must charge a price for premiums which is sufficient to cover costs. Unless the scheme is significantly reformed, it may not be able to protect homeowners.

 

read more
icare hbcf
30 Jan 2017

The icare hbcf provides a safety net for homeowners who have contracted for residential building work and their builder has been unable to honour their commitments under the building contract due to insolvency, death or disappearance. The safety net is also provided where the builder's licence is suspended for failure to comply with a Tribunal or Court Order to pay compensation to the homeowner. 

Insurance under the HBCF is required to be obtained by builders for all residential construction projects over $20,000.

read more

Recent News

Create News