INCREASING YOUR TURNOVER LEVEL

INCREASING YOUR TURNOVER LEVEL 2018-09-25T12:32:04+11:00

How do I increase my turnover level with SecureBuild?

You (or your broker) can apply to increase your turnover level:

  • Online
  • Via an application form manually completed and sent to SecureBuild via email

Online application to increase turnover level .

SecureBuild will assess your application for an increase to your building business’s turnover level in line with the eligibility (registration) model lodged with the NSW State Insurance Regulatory Authority (SIRA).

The flow chart below sets out the key elements of our assessment process.

An up-to-date Minimum Financial Requirements (MFR) report prepared by your accountant is required to be submitted with your application.

Learn more about SecureBuild’s MFR report requirements .

SecureBuild has set minimum financial requirements (MFR’s) that need to be met in order to obtain cover from us. Amongst other things, the MFR report sets out the net tangible assets your building business holds.

The Net Tangible Asset (NTA) position of your building business will determine the turnover level SecureBuild allocates to your business.

The table below sets out our NTA requirements and the turnover levels applicable.

TURNOVER LEVELS

Annual Turnover $0 – $1m $1m – $2m $2m – $5m $5m – $20m $20m – $60m $60m – $120m $120m – $240m >$240m
Category 5 4 3 2 1 1+ 1++ 1++
Net Tangible Asset (NTA) Requirement $12,000 to $36,000 $36,001 to $105,000 $105,001 to $270,000 $270,001 to $1,200,000 $1,200,001 to $2,400,000 $2,400,001 to $4,800,000 $4,800,001 to $14,400,000 >$14,400,000
No. of projects* 1 to 2 2 to 5 5 to 20 20 to 50 50 to 150 150 to 300 300 to 600 >600

*Average project value of $400,000

How long will my application to increase my turnover level take to process?

Two business days after receipt of the application and MFR report from your accountant.

Where further information is required to assess an application, SecureBuild will contact you within 24 hours to obtain that information.

Once all information has been received you’ll be notified of the outcome of your application within two business days.

What if Im not happy with the outcome of SecureBuilds assessment of my application?

If you’re dissatisfied with the outcome of the application, the decision can be appealed by lodging a review application with SecureBuild’s Decision Review Committee at drc@securebuild.com.au or by calling SecureBuild at 13 33 14.

If you believe SecureBuild has not considered an application in line with the law and guidelines, a request can be made to the State Insurance Regulatory Authority (SIRA) at compliancereview@sira.nsw.gov.au to investigate any breaches of the Act, Regulations or guidelines.

Learn more about  How to review a decision made by SecureBuild .