Australian Property Updates

Property Information & Real Estate Updates

New Player in Domestic Building Insurance

VMIA reaches agreement with QBE to deliver domestic building insurance*  The Victorian Managed Insurance Authority (VMIA) has entered into an agreement with QBE Insurance (Australia) Limited, QBE, under which the VMIA will provide domestic building insurance to builders and owner builders in Victoria.  The agreement follows the recent decision by the Victorian Government to transition builders to a State underwritten domestic building insurance scheme, to be administered by the VMIA.

The arrangement will transition underwriting of domestic building insurance to VMIA with cover issued by QBE from 31 May 2010.  Consistent with the Government’s decision, the VMIA will manage any claims arising from these policies.

The VMIA will be working closely with QBE to ensure coverage is available to current builders, owner builders and new entrants to the market. Builders who have held domestic building insurance eligibility with an authorised insurer for work in Victoria at any time since 1 January 2009 will automatically be eligible for cover from the VMIA on comparable underwriting terms and conditions for a period of at least 12 months or until they are assessed.

All builders wanting to obtain domestic building insurance policies from the VMIA under these arrangements can do so by contacting their insurance broker or authorised representative.

* Also known as Builders Warranty Insurance

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