What is SecureBuild?
- SecureBuild is new and revolutionary home building compensation (HBC – formerly known as home warranty insurance) product that supports home owners and builders throughout the building process to reduce risk
- A new company SecureBuild Australia Pty Ltd will be looking to enter the NSW HBC market with the SecureBuild product in early 2018
What’s different about SecureBuild?
- SecureBuild has been developed from what home owners and builders have told us. Home owners want a HBC product that provides value for money and actually reduces risk and builder’s want a product that is simple and easy to obtain.
- SecureBuild will be simpler and easier for builders to obtain and provide to their home owner clients. No financial reviews, bank guarantees or securities required!
- Instead of continually monitoring the financial status of builders SecureBuild reduces the risks faced by home owner by monitoring the completion of projects, advising the owner when to pay progress payment claims and conducting inspections at various stages throughout the build.
Won’t this cost me more money and delay me getting paid my progress claims?
- No, the cost of monitoring the progress of the build, advising your client and conducting inspections will be paid for from the premium the home owner pays.
- Once you notify SecureBuild that you completed a stage and have sent your progress claim to your client, we will complete our inspection etc and advise the home owner to pay the claim within 48 hours.
How will SecureBuild be good for my business?
- SecureBuild will assist you to quickly resolve any misunderstandings that your client may have about the payment of progress claims – ensuring cashflow!
- Our inspection process will pick up defective work of sub-contractors during the build so you can have the sub-contractor fix it before they are paid – increasing profit!
- You won’t need to spend endless hours and money regularly providing SecureBuild with your financial information or undergoing financial reviews.
- Your experience and good performance in the industry will be rewarded with premium discounts of up to 40%.
- You will be able to position yourself in the market as offering an additional ‘independent’ inspection and advisory service to your prospective clients.
- Purchasing HBC certificates will be a breeze with our online service and mobile app. You will also be able to call us 7-days week to purchase certificates over the phone.
- SecureBuild will also assist you to resolve any post construction defect disputes that you may have with your clients without having to involve NSW Fair Trading or NCAT.
How do I get cover with SecureBuild?
- It simple! You can quickly fill out the online registration application; or call our customer service representatives; or ask your broker to complete the registration for you
What level of cover will I get with SecureBuild?
- If you currently have eligibility with iCare, SecureBuild will provide 20% more turnover. If you want to increase your turnover, you’ll need to let us know your Net Tangible Asset (NTA) position.
- If you don’t currently have cover with iCare we will determine your turnover level based upon your NTA.
How does the claim payment process work?
- After purchasing the HBC certificates an electronic copy will be immediately sent to you and your home owner client. Your client will also receive information about the SecureBuild inspection and payment process.
- A few days after the certificate is issued you will receive details of the SecureBuild Building Inspector who has been allocated to case manage the project your client.
- At the completion of each stage of the building project you will be required to let the SecureBuild Building Inspector know you completed a stage and wish to lodge a progress claim with your client.
- The Building Inspector will either review photographs you send, do a street view inspection or carryout a pre-determined site inspection and then advised your client to pay your progress payment claim.
- The Building Inspector will advise you immediately if there are any incomplete of defective items that need to be resolved prior to your client paying the progress claim.
- Our Building Inspectors must notify the home owner to make payment to you within 48 hours of you notifying them of the stages completion.