HIH/FAI rescue package
Claims under HIH/FAI policies
On 15 March 2001, HIH Casualty & General Insurance Limited (HIH) and FAI General Insurance Company Limited (FAI) went into liquidation.
The NSW Government established a rescue package to assist policy holders who were covered by a HIH or FAI home warranty insurance policy. Under this package, claims paid to consumers were taken out of the Building Insurers’ Guarantee Fund.
The Building Insurers’ Guarantee Corporation (BIG Corp) was established by the NSW Government under the Insurance (Policyholders Protection) Legislation Amendment Act 2001. BIG Corp provides protection for consumers to the same extent that would have applied under the home warranty insurance policies issued by HIH and FAI.
Since September 2011 BIG Corp has been a part of the NSW Self Insurance Corporation which also administers the Home Building Compensation Fund (formerly the Home Warranty Insurance Fund).
BIG Corp claims can be made,
- during the 7 year period of insurance (from the date of the completion of the building work) or, if the defect becomes apparent during the last 6 months of the 7 year period of insurance, within 6 months of the homeowner becoming aware of the defective work
- for incomplete work, twelve months from the date of the contract, or commencement date provided in the contract, or the date the work ceased, whichever is the later.
Please note that any new claims lodged with BIG Corp will, in all likelihood, be out of time now and ineligible for cover.
For more information
For claims enquiries on HIH/FAI policies contact the:
Building Insurers' Guarantee Corporation
Tel : 02 9216 3951
Address : Level 15, 321 Kent Street, Sydney NSW 2000
Postal : GPO Box 4052, Sydney NSW 2001