We do provide cover up until 30 June 2017.
Known as Domestic Building Insurance (DBI), it covers homeowners for loss of deposit, incomplete defective building work if their builder dies, disappears, becomes insolvent or fails to comply with a tribunal or court order. It’s a requirement for residential building work valued over $16,000.
From 1 July 2017, the way that Victorian Managed Insurance Authority (VMIA) Domestic Building Insurance (DBI) is purchased and managed in Victoria will be changing. From that date, QBE will no longer provide Victorian builders with access to DBI cover underwritten by VMIA.
The new model will include a panel of DBI Distributors appointed by VMIA who will provide access to VMIA DBI. VMIA will announce the panel by the end of May 2017.
From 1 July 2017, if a builder’s current broker is on the DBI distributor panel, they will automatically be assigned to that distributor and there is no action required, while other builders will need to choose a distributor from the panel.
Builders will also have the option to deal with their selected DBI distributor directly or have their insurance broker deal with the DBI distributor on their behalf.
For more information about the changes to VMIA DBI, please visit www.dbi.vmia.vic.gov.au