The Victorian Managed Insurance Authority (VMIA) recently announced major reforms to the construction industry as part of a complete overhaul of the process through which Victorian builders and their brokers purchase Domestic Building Insurance (DBI) or warranty insurance.
InsuranceHouse construction broker Bradley Day says the changes are a positive step forward for the industry.
“Purchasing and managing DBI was once a time-consuming process. This is a new era of warranty insurance, making it easier for builders to manage DBI and provide a more streamlined approach for brokers.”
Changes, which come into effect from 1 July, will see the once single distributor monopoly replaced with a panel of six distributors chosen following a tender process.
“Now, builders and brokers alike will be able to rest assured knowing they are dealing with a distributor with a dedicated and knowledgeable team. At the end of the day, it’s about making sure builders have more time to build and spend less time worrying about warranty insurance. Personally, we’re very proud to have been selected as one of the insurers on the panel,” says Bradley.