We are pleased to announce we have renewed terms with Master Builders Association and Chase for a further 12-months. WTW (the tendering broker) put forward a very competitively priced proposal by CGU, unfortunately the terms were very rigid around who could and could not join the policy and some very high excesses for events such as worker-to-worker claims (when a subcontractor becomes injured on one of your construction sites).
We went back and forth with the Master Builders Association representative yesterday providing them the final "splits" for turnover for invoicing purposes. We would expect that invoices, certificates and annual policy updates for builders warranty will be available later this week.
We are confident everyone will be very pleased with the further discounting and cover we have unlocked due to the increased overall turnover of the group.
This critical building insurance is requested by every finance provided to our clients and provides public liability insurance and construction risk cover to the dwelling under construction. Often renovation builders get poor treatment from their broker when damage to a dwelling is caused by the occupant of the dwelling and so we have been careful to appropriately cover this scenario in our builders insurance product.
Its very important to us to provide peace of mind to both our building industry clients and as a result the home building public who are protected by these types of insurance. Insurance companies are specialists in avoiding payouts and escalating legal costs to protect their revenue but our group construction industry policies help our building business owners minimise these costs.
Contract Works Insurance should not be confused with Home Owners Warranty insurance which is regulated by state governments and determines maximum turnover for residential home building contracts in most states of Australia (excluding Tasmania).
Vehicle Insurance is being negotiated separately with Master Builders as their insurance cover in this category has been cost prohibitive previously although we are hopefully of achieving group purchasing savings in this specialised insurance category in time.