SecureBuild has developed a home building compensation (HBC) product, previously known as home warranty insurance, that reduces risk, is simple and easy to obtain and is value for money.
SecureBuild is a membership scheme where building contractors apply for membership and agree to operate in accordance with SecureBuild’s membership terms & conditions.
The key benefits of being a member include:
- Higher turnover levels for A to C status level builders (increased revenue)
- A reduction in post construction defect remediation (increased profit)
- No bonds, bank guarantees or securities required to be a member
- No frequent financial reviews
- Simple online registration and certificate processes
- Assistance with payment disputes
- Independent inspections valued by your homeowner clients; and
- Discounted contributions (premiums).
High turnover levels (increased revenue)
- The allocation of a Building Inspector to individual homeowners and their building project means SecureBuild is able to manage risk differently to previous and current HBC providers.
- SecureBuild can offer higher turnover levels and 20% more turnover to builders who hold A to C membership status levels
Reduction in post construction defect remediation (increased profit)
- SecureBuild’s inspection process picks up defective or incomplete work by subcontractors during the build.
- Our inspections ensure subcontractors are held accountable for the work they do, remedying any issues before the subcontractor has been paid for the work undertaken.
- Subcontractors are kept up-to-date with NCC requirements and Australian Standards, minimising costly remediation or maintenance after handover.
- This mean more profit within the contract for builders.
No bonds, bank guarantees, securities or sureties (less hassle)
Unlike other HBC providers, builders don’t need to provide SecureBuild with any financial security to obtain cover.
The key things required to get cover with SecureBuild are:
- holding an appropriate licence for the building work the application is for
- not having an adverse licensing or solvency history, and
- evidence via an accountant of a builder’s net tangible asset position.
No frequent financial reviews (less hassle)
- SecureBuild does not require costly, frequent financial reviews.
- Financial information is only required if a builder is requesting an increase to a turnover level or if SecureBuild requests specific information from you.
Simple online registration or HBC certificate purchasing (less hassle)
- Both registration and the purchase of HBC certificates can be done online 24/7, and is simple and easy to complete.
- Builders who have existing cover will find registration a breeze and receive their registration confirmation straight away.
- For new builders seeking cover for the first time, in addition to completing the registration process, need to upload a Minimal Financial Requirements report prepared by an accountant verifying their building business’s net tangible asset position.
- Once submitted, a decision will be made and sent within two business days.
Assistance with disputes
- SecureBuild’s independent Building Inspectors assist with quickly resolving any misunderstandings that homeowner clients may have about the payment of progress claims.
- This process ensures cash flow.
- SecureBuild’s Building Inspectors also assist with any post-completion disputes, preventing disputes escalating to NSW Fair Trading or NCAT.
Independent inspections valued by your homeowner clients
Homeowners value the involvement of an independent expert.
Builders registered with SecureBuild are able to market their business as providing independent building inspections, paid for as part of their HBC contribution (premium).
Discounted Contributions (Premiums)
SecureBuild offers genuine contribution (premium) discounts of up to 40%, based on a transparent risk-rating system .