Specialist underwriting agency Australian Owner Builders Insurance Services (AOBIS) and Assetinsure have teamed up to offer owner-builders’ warranty insurance.

They began selling the product last month in Victoria and WA, where it is compulsory to have such cover in place.

AOBIS Underwriter Emily Brooks says there are plans to soon sell similar products in other states.

“It’s an open partnership… We are looking obviously for a long working relationship with Assetinsure,” Ms Brooks told insuranceNEWS.com.au. “One of the great things about Assetinsure is it has amazing expertise… That’s why it’s a great partnership.”

Regulations in Victoria and WA require owner-builders to hold cover for building works of more than $16,000 and $12,000 respectively. The cover is to protect buyers with statutory warranties, reports and domestic building insurance before entering contracts of sale.

Assetinsure CEO Gregor Pfitzer says the partnership “complements our strategy of supporting non-correlated niche specialty insurance businesses”.

AOBIS was previously underwritten by Calliden.