Brokers who are involved in the NSW home warranty insurance scheme, and who wish to remain involved in the scheme, must complete the new distributor agreements prior to 31 March. They need to be returned to your respective insurance agent prior to that date.
HBCF issued new distributor agreements for brokers early this year, via their insurance agents, QBE and RBUA.
New HBCF pricing will take effect on 3 April 2017 and 2 October 1017. The amount of premium increase varies for the different types of construction.
The new premiums also change the way Distributors are paid. A fee-for-service will be added to the premium by the Distributor rather than a commission paid by HBCF. Further pricing changes for higher risk construction types will be phased in during 2018 to achieve a fully funded scheme. FAQs in relation to reforms for Insurance Brokers are available on the icare website.
Information relating to the home warranty scheme reform program is available at the HBCF site.