You may have heard that icare HBCF is introducing a new streamlined eligibility system. It will make applying for home building compensation insurance simpler and easier.
From 1 July 2022, icare HBCF are introducing an auto-assessment process for System Reviewed and Small Builders. A simple risk-based assessment will be used to determine eligibility. For most Builders, icare HBCF will use commercial credit information and a few other criteria to assess eligibility.
How will I benefit?
Under the new system applying for eligibility will be quicker and easier. The new risk-based assessment will reduce the need for you to provide extensive financial information and you will receive an eligibility decision within 48hours.
Here’s a summary of the benefits:
- Simpler process, with reduced paperwork
- Processing time reduced from 10 to 2 business days for most applications
- Much less financial information will be required
- Better identification of higher risk Builders, allowing increased eligibility limits for the majority of Builders
Do I need to do anything?
No, you don’t need to do anything as your existing eligibility decision remains valid.
From 1 July, System Reviewed and Small Builders with current eligibility will begin transferring to the new system, based on their current scheduled assessment date, or if they apply for a Builder Profile Change (BPC).
icare HBCF are anticipating that approximately 94% of Builders will qualify for the new assessment. For those who don’t qualify, they will continue with the current manual review process with greater support.
Where can I find more information?
You can learn more about the new HBCF Eligibility Model including how system reviewed and small Builders are defined by reading the Frequently Asked Questions Pack.
HBW Solutions will continue to apply for eligibility on your behalf. When your renewal is due, we will be in contact, and walk you through the new process and what details are required.
In the meantime, if you would like any further clarification, or have any other questions at all, please don’t hesitate to email us at team@hbwsolutions.com.au or call on 02 8075 0975.
