Building Indemnity
Insurance SA Builders
Building Indemnity insurance also known as Builders Warranty Insurance or Home Warranty Insurance is a statutory insurance product and is required for any domestic building work that must be approved by council and costs $12,000 or more.
Building Indemnity insurance provides protection for the current homeowner and future owners, up to 5 years after completion of the build against financial loss if a builder cannot complete works or rectify faulty works for any of the following reasons:
- The builder dies
- The builder disappears
- The builder becomes insolvent
What Can Be Covered
Do for You?
In South Australia, Be Covered are one of the few insurance brokers approved to arrange Builders Indemnity Insurance on behalf of South Australian builders and we understand the importance obtaining crucial Building Indemnity insurance limits has on your business.
Whether you currently have a policy in place or are requiring the cover for the first time, Be Covered can guide you through the process in arranging Building Indemnity insurance for you.
Before building works start, Building Indemnity insurance is required to be taken out and paid by the builder and a certificate of insurance provided to both the homeowner and council.
Additional key points:
- Building Indemnity Insurance is issued in the name of the homeowner, not the builder however the builder must pay and organise the insurance and be eligible under their current insurance arrangements.
- Cover for the homeowner and subsequent homeowners is provided up to $150,000 for policies issued on or after 1 July 2017.
- Claims for defective building work can be made up to five years after the building works have been finished.
We Have the Building Industry Covered
Specialist Construction & Building
Insurance Broker
At Be Covered, we are a building and construction specialist and as an authorised representative of SUREWiSE, one of the few approved insurance brokers to provide Building Indemnity insurance on behalf of SA builders.