Latest changes to HBCF | Home Building Compensation Fund (HBCF) | MBA Insurance Services (MBAIS) | Homeowners Insurance | Home Warranty Insurance New South Wales

Latest changes to HBCF reforms.

1. Builder Profile Change Application Form Version 5.0

  1. Section 3 – Building Activity
    • HBCF have added the word ‘per dwelling’ on New Duplex, Dual Occupancy, Triplex and/or Terrace Construction field to reflect builders’ profile limits. Additionally, this update provides clarity on how the contract value would be calculated on CIMS for this type of transaction.

  2. Section 4 – Business and Personal Background Information
    • HBCF have added question 7 (i) and (ii) regarding insurance granted previously and currently by an alternative indemnity product provider (should a competitor to HBCF obtain a license). This information is required to gain a clearer understanding of the overall turnover amount requested by an applicant and their financial position to support those limits.

2. Project application all work excluding multi-dwelling projects version 4.0

  1. HBCF have updated Construction Type B;
    • Single Dwelling Alterations/Additions – Structural works now include waterproofing (internal and external)

  2. They have removed the question regarding the relationship between the owner/developer/ builder. The new form now asks if the owner of the land is not the contracting party and / or is there any relationship (other than family) between the owner/developer and the builder. This information is required to determine if a Deed of Indemnity – Irregular Contract Arrangement should be in place.
    • If the answer to this question is ‘Yes’, then you will need to disclose the related party interests between joint ventures, common director, land ownership and/ or shareholder.

3. Project application multiple dwelling projects version 4.0

  1. Construction Type B – Multiple Dwelling Alterations/ Additions – Structural includes replacement of cladding has been added.

  2. HBCF have updated Construction Type B – Multiple Dwelling Alterations/Additions – Structural works now includes waterproofing (internal and external)

  3. They have removed the question regarding the relationship between the owner/developer/ builder. The new form now asks if the owner of the land is not the contracting party and/or is there any relationship (other than family) between the owner/developer and the builder. This information is required to determine if a Deed of Indemnity – Irregular Contract Arrangement should be in place.
    • If the answer to this question is ‘Yes’, then you will need to disclose the related party interests between joint ventures, common director, land ownership and/ or shareholder.

 


 

HBCF has also prepared factsheets which contains essential information every homeowner needs to know about icare HBCF. It explains who icare HBCF are and what they do for homeowners:

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FACTSHEET FOR BUILDERS

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FACTSHEET FOR HOMEOWNERS

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