The Victorian Managed Insurance Authority (VMIA), will be changing the way its Domestic Building Insurance (DBI) is purchased and managed. From this change, it will be faster and easier access to VMIA DBI certificates and related documentation.
From 1 July 2017, QBE will no longer provide Victorian builders with access to DBI cover underwritten by VMIA. A new distribution model for VMIA DBI will take effect from this date. 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.
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 their website.