The type of assessment that the insurance companies undertake varies greatly depending on your personal and company circumstances, your requirements and their underwriting criteria.

On your first contact with us we will discuss your needs and current financial position and guide you to the insurance products that best suits your needs.

Residential Warranty Insurance requires the assessment of several key factors.

These factors are:

• Gross profit margin
• Debtor collection days
• Creditor payment days
• Personal Assets
• Net Tangible Worth of the Company
• Turnover growth
• Changes to work in progress
• Builder size and areas of construction activity
• Length of time in the industry
• Adverse commercial and claims information
• Frequency of financial reporting
• Job costing system

What happens on completion of the builder assessment?

The builder will be advised in writing of the eligibility to access individual project certificates. This confirmation will advise the following:

• Turnover limit
• Individual project limit

How to obtain individual project certificates?

Each project will require completion of an application form. On completion of the application form a premium will be calculated and collected and this will be in accordance with the assessed builder details. The application will then be forwarded to the insurer who will issue the insurance certificate in triplicate for distribution to those involved.

Development Project Application form will be required for individual multi unit developments.

• In New South Wales - Multi Unit Development consisting of:
• 4 or more units;
• A total of 3 levels or less (excluding the lowest level if used for residential parking only.
• In other states and territories - Multi Unit Development consisting of:
• 10 or more units;
• A total of 3 levels or less (excluding the lowest level if used for residential parking only.
• High Rise Development policies apply to buildings which are 4 storeys or more (not including basement or car park level) in NSW only.

Why does a builder need to be reassessed?

All builders will require reassessment once a year, however in the following instances reassessment may be triggered at more frequent intervals:

• Excessive turnover growth
• Dishonoured cheques
• Adverse information
• Work outside profile
• Builders showing signs of distress will likely require assessment six monthly depending on their position.

We track builder turnover to ensure that sufficient notice is given for reassessment to ensure continuity of cover.