Changes to The NSW Builders Home Warranty Scheme
01-Nov-2011 The following announcement was made by QBE today:
QBE wishes to advise that the Home Warranty Insurance Fund (HWIF), the sole home warranty insurer in New South Wales, has updated its Underwriting Guidelines with effect from today, 1 November 2011.
What has changed?
Major Builders have now been re-classified to include:
- Major Commercial or Multi Unit Builders with $30 million or over turnover
- Major Project Home, alterations/additions, renovations and swimming pool builders with $15 million or over turnover.
As a result of these changes, a Medium Builder is now classified as a builder with total business turnover of $5 million or over and is not a Major Builder.
Periodical Eligibility Review (PER) notification
From today, builders will be provided with at least 40 business days’ written notice that a PER is required. A reminder notice will also be sent after 20 business days.
If no submission or satisfactory explanation has been received by the due date, a 10 business days’ written notice of eligibility suspension will be issued.
For further information
A copy of both the updated HWIF Underwriting Guidelines and the relevant Fact Sheets is now available on theHWIF website.
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