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Home Warranty Insurance | Master Builders Insurance Brokers
Home Warranty Insurance
Providing protection for your valued customers.
Cover for
Incomplete or defective works
Mandatory threshold
Value of work is over $12,000
Cover conditions
Death
Disappearance
Insolvency
No longer registered
Warranty Insurance in the Northern Territory
The Master Builders Fidelity Fund issues Residential building insurance and is the only provider in the NT.
For any residential new houses or renovations with a value of more than $12,000, you require a Fidelity Fund certificate.
Builders are required to obtain an eligibility facility which provides an annual available limit which governs the amount of work a builder can take on at any one time. The annual available limit will be determined based on an assessment of a builder’s financial position and construction history, among other factors.
Homeowners can claim under the Fidelity Fund Certificate where the work hasn’t been completed because the builder:
- Has been declared bankrupt or is insolvent
- Is no longer registered
- Has died
- Has disappeared
Homeowners can claim up to 20% of the contract price up to a cap of $200,000. The Fidelity Fund Certificate covers non-completion of works, structural defects for up to six years and non-structural defects for up to 1 year.
For more information, visit the Master Builders Fidelity Fund website
Not in the NT? Please select a state: Victoria | New South Wales | South Australia | Western Australia | Australian Capital Territory | Tasmania | Queensland
Our Eligibility team is unique within the market.
Our Eligibility team is responsible for assisting you with initial eligibility applications and ongoing eligibility reviews, as well as attending to your general queries about Home Warranty Insurance.
We are committed to providing you with a comprehensive service, ensuring that all eligibility enquiries actioned are within our service standards. We also conduct pre-submission quality assurance reviews to guarantee that all eligibility review submissions meet the requirements of the various states and territories.
Our recruitment for eligibility personnel focuses on financial literacy and experience, rather than just a general insurance background. We seek degree qualified, skilled professionals with experience in insolvency, accounting and finance.
This allows us to have effective conversations with you and your appointed accountants or financial advisors, so that we achieve quality and realistic outcomes for you.
We take a proactive approach that often involves an education element (for you and your accountant or financial advisor) to ensure you understand the Home Warranty Insurance process. We advise how you can position your business to balance your responsibilities under your state-specific scheme and your future plans for your business.
Why do you need our specialist advice?
Here's an example:
We received a job specific application from an NSW builder that, when processed, would put them 10% above their available open job limit.
On further investigation, we determined that the insufficient available limit was more of a timing issue due to delays on current projects.
Often in the building industry jobs are delayed due to council approval timeframes blowing out or projects being almost finished but not quite at practical completion (the stage at which the builder can then close the job off).
Working with the builder, we were able to provide the Insurer with a detailed explanation of what stage each outstanding project was at. Once home warranty is obtained, it can take 4-6 weeks to get the permit from the certifier. The Insurer approved the project based on the explanation provided because they could see and understand how the new project would overlap with outstanding projects.
This positive outcome ensured that the builder was able to keep working without having a 4-week gap until their next project.
Advice from our experts:
Before making any changes to your trading structure, contact one of our eligibility experts who will be able to advise you of the likely impacts on your eligibility facility. It could save you headaches later on.
To avoid problems later, a Home Warranty policy should always be taken out prior to any works starting.
Sonia Kerr National Home Warranty Operations Manager
Home warranty eligibility reviews can be stressful. To help make it easier, use our team’s expert knowledge – we can work directly with your accountant freeing up your time to focus on what you do best.
If a project includes any waterproofing works, then the project is considered to be a structural risk by Home Warranty insurers.
Sonia Kerr National Home Warranty Operations Manager
Details on the job specific application form need to match those noted on the contract and current land title.
Why choose Master Builders Insurance Brokers?
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