Home Building Compensation
Not as you know it
SecureBuild is a new and innovative home building compensation (HBC) product that reduces risks faced by builders and home-owners when building or renovating a home, by allocating a highly-qualified Building Inspector to each building project.
SecureBuild is not an insurance company. SecureBuild operates a membership scheme for building contractors who are required to provide their homeowner clients with home building compensation cover under the NSW Home Building Act 1989 when completing building contracts where the value of the contract is greater than $20,000.
SecureBuild is an ‘alternative indemnity provider’ utilising a fidelity fund regulated under and Australia Financial Services Licence (ASFL) to provide home building compensation products and services.
SecureBuild’s HBC products and services are uniquely designed to reduce the risks faced by building contractors and homeowners and provide greater value then traditional insurance.
We will be seeking to be approved by the NSW Government to provide cover to building contractors and issue home building compensation certificates (‘evidence of cover’) to homeowners.
SecureBuild uses a highly regulated fidelity fund to manage all contributions received from its building contractor members who pay for HBC cover on behalf of their homeowner clients.
SecureBuild’s fidelity fund is governed by a Board of Trustees approved by the State Insurance Regulatory Authority (SIRA). The Trustees are required to operate the fidelity fund in accordance with a Trust Deed which requires the trustees to preserve contributions (premiums) received from builders on behalf of their homeowner clients.
The contributions preserved under the trust deed are retained within its trust account and are only to be applied to the indemnification of beneficiaries (payment of claims) under the HBC contracts issued to homeowners.
The remaining portion of the contribution paid by a building contractor member is used to pay for independent Building Inspectors to support and monitor the building process, reducing the risk to builders and homeowners.
SecureBuild’s independent Building Inspectors monitor each stage of the building process and support homeowners (who may not know a lot about building or renovating) along the way.
More specifically, our Building Inspectors undertake inspections and advise homeowners when to pay their builder’s progress claim payment.
This ensures incomplete or defective work is picked up along the way and fixed quickly, significantly reducing post construction or ‘maintenance’ costs to the builder.
The inspection process also reduces the risk to homeowners of delays to the completion of the work or a project not being completed.
All Building Inspector services are included within the contribution paid for by the building contractor on behalf of their homeowner client.
SecureBuild Australia was founded by people who understand the impact home building compensation has had on the building industry and how it’s failing homeowners.
To learn more about the founders of SecureBuild click here
SecureBuild © is operated by SecureBuild Australia Holdings Ltd ACN 624 004 351.
SecureBuild’s home building compensation products are issued by Gibraltar Capital Pty Ltd (AFSL 493813) on behalf of SB Fidelity Ltd (ACN 624 035 301).
The registering of building contractor members, the issuing of home building compensation contracts, the provision of risk mitigation services and the management of claims is carried out by SecureBuild Australia Operations Pty Ltd (ACN 624 006 506) which is a corporate authorised representative of Gibraltar Capital (CAR # 1263975)
SecureBuild offers a quality, hassle free service for builders and their homeowner clients.
Our product helps increase homeowner confidence and builder profits.
Key features include:
- Simple, anywhere, anytime online registration
- Ability to purchase HBC certificates 24/7
- No forms or additional information required for builders with existing cover
- No bonds, bank guarantees, securities required
- No frequent and costly financial reviews
- Increased turnover levels
- Contribution (Premium) discounts of up to 40% (no loadings).
SecureBuild offers the personalised service of a Building Inspector to every homeowner for the duration of their building project.
Our Building Inspectors support homeowners through the building process, conducting quality assurance inspections and advice at every step of the project.
- An allocated Building Inspector for every homeowner and their building project
- Support for the entire duration of the project
- An industry professional available to to answer any questions or concerns you may have about the building process, taking the stress out of building or renovating your home
- A warranty period of six years, providing additional peace of mind should any major defect arise.