A new underwriter has its sights firmly set on a top spot in the owner-builder sector with a promise to deliver market-leading commissions and premiums for brokers.
New company Qiducia, part of Guild Insurance, will focus on providing brokers and authorised representatives with efficient and effective owner-builder solutions to help increase their profitability.
“Our intention is to be placed first, second or third in the space that we play in,” Qiducia Chief Executive Sam Greco says.
The company aims to do this by offering brokers competitive premiums and commissions, while also allowing them to quote, bind and reconcile quickly and seamlessly through core broker in-house systems, without the need to access third-party websites or phone calls.
“Or pricing is unassailable. We’re the cheapest in the market, which allows the broker to add their broker fees appropriately and still be competitive,” Greco says.
“Our commission rates are the best in the industry. Most people offer somewhere between 15 and 20% commission. We’re offering 22% straight up.”
The company has appointed Maha Raslan, who has worked in the owner builder space for about four years, as lead underwriter.
“I’ve done tens of thousands of these policies over the last few years. No one has done more owner-builder stuff than we’ve done, that’s for sure,” Greco says.
Greco says that the company is confident that it has the know-how needed to aid brokers in helping their clients avoid common pitfalls in the owner-builder sector.
“Owner-builders are retail clients that collide into commercial insurances,” Greco says.
“When in actual fact, most owner-builders have never bought a commercial product in their life. So, they may need some guidance and assistance on how they approach risk. And we’re very good at that.”
Some of those major risks include excavating too close to boundaries, or just before it’s forecasted to rain, while not using licensed or properly qualified and insured subcontractors is another common issue.
“Liability and negligence issues are a red-hot topic for owner-builders. They don’t know what to know and they stumble into it,” Greco says.