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11 December, 2013

Builders Warranty Important Announcement - Effective Immediately

Changes announced in Victoria for Builders Warranty - Effective immediately. New application forms have been introduced for Domestic Building Insurance (DBI) in Victoria, including a new Multiple Building Works application form. (Supersedes current Multi-Unit development application form)

 

Definition of Multiple Building Works ( MBW )

Development with three or more dwellings where there is a requirement for common works such as communal driveway, construction of a road and adjoining fire rated walls. (Refer to Site Plans or Planning Permit)

The following scenarios are classified as Multiple Building Works (MBW) in Victoria

 

            

Scenario 1

Scenario 2

Scenario 3

Type of MBW Contract with Body   Corporate for common property works on a development with three or more   dwellings Three or more dwellings   built for multiple owners on separate contracts Three or more dwellings on   one building contract
Certificate registration Single Certificate of   Insurance to issue for whole contract Single Certificate of   Insurance to issue for each dwelling Single Certificate of   Insurance to issue for each dwelling
Documentation required to   be provided for review prior to the issuance of Certificates of Insurance 1. A completed Multiple Building Works application form
2. A copy of the building contract
3. A scope of works and any relevant plans/specifications (confirming common property works)
1. A completed Multiple Building Works application form
2.  A copy of the building contract(s )
3. Site plans and any relevant plans/specifications (confirming common property works)
1. A completed Multiple Building Works application form
2. A copy of the building contract
3. Proof of ownership (i.e. Certificate of Title or rates notice)
4. Proof of funding (i.e. letter of offer from the financier, or bank statement if project is self-funded)

What pricing will apply to Multiple Building Works?

All Multiple Building Works will attract an additional premium at a rate of 25% p.a on standard schedule rates.

 

For further information or new application forms please contact client.service@mhi.com.au

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