On the 4th August 2015, the Home Building Compensation Fund (HBCF) framework will change, placing more onus on builders when finalising contracts.
New Project Application Forms to be used from 4 August 2015
SI Corp have introduced new project application forms which are to be used for all projects to be issued after 4 August 2015.
Download the Project Application Form
On pages 3 – 5 you do not need to complete all sections. You only need to complete the section that is relevant to the specific construction type which can be found on page 1 of the application.
New Dwellings – Complete Section A and then go straight to page 6
Structural Alterations and Additions – Complete Section B and then go straight to page 6
In preparation for this change, we will be unable to issue Builders Warranty Certificates from Midday Thursday 30th July 2015, until 9am Tuesday 4th August 2015 while the insurers update their systems.
New Project Completion Process
From 4 August 2015, you will be required to provide a short declaration of practical completion for each project registered, confirming the following as a minimum:
- Project has reached practical completion
- Updated property address
- Home owners details
This can be done simply by emailing our office with the declaration form. Once you have made your declaration, the job and contract value will be added back to your open eligibility limit. At the same time, the home owner will be advised that the HBCF policy has commenced.
Download the Project Completion Form
New Eligibility Limits
The Rolling Annual eligibility limit that currently sees projects ‘rolling off’ 12 months after they are registered for Home Warranty, will be replaced with eligibility now based on Open Job and Contract Value limits. New eligibility limits will be issued to each builder.
The new limits will be based on the number of jobs and total value of projects under construction. During this changeover, all of your existing jobs that will not be completed by 4 August 2015 will remain open within your Facility until you supply us with a project completion certificate.
We will be supplying each of our builders with more details in relation to their new individual limits as soon as they become available.
Should you have any queries please do not hesitate to call our office.