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VMIA updates list of builders' warranty insurance distributors

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The state-run Victorian Managed Insurance Authority (VMIA) has changed its panel of distributors for compulsory domestic building insurance (DBI) following a tender process.

A spokeswoman for VMIA says from July 1, Victorian builders can acquire DBI from Bovill Risk & Insurance Consultants, CCM Insurance Group, HIA Insurance Services, Insurance House, and Master Builders Insurance Brokers.

The spokeswoman told the panel is appointed for an initial two-year term. She says the open procurement process started in late 2020.

DBI provides cover to homeowners for incomplete or defective building work. The state’s builders are required by law to take out DBI - known also as builders’ warranty insurance - for work valued at more than $16,000.

Insurance House says it is now one of only three distributors that can offer builders’ warranty product nationally. Earlier this year the broker was informed in February by NSW state-owned insurer, icare, that it is one of nine distributors for the state’s Home Building Compensation Fund.

“I couldn’t be prouder of our construction team,” GM Broking Scott Leis said. “Their winning these challenging tenders is testament to the quality of the excellent service they already provide the industry.”

Insurance House has doubled the size of its Builders Warranty Central Desk, which sits within the business’s construction capability team. The expansion will ensure clients continue to receive the highest quality of service possible.

“I am thrilled with this success. I’m surrounded by a great team, that is bolstered by a great company,” Construction Manager Jenna Scott said.

“I have recently recruited a handful of new consultants who have all hit the ground running. We’re ready and excited to face the challenges ahead."