More choice of providers
Private providers will be invited to apply to join the home building compensation market and offer builders competitive premiums and products. Currently you can only buy one product from a single insurance provider operated by the NSW Government: icare. In future you may have the choice to buy different products from different providers.
SIRA will regulate providers, including premiums and builder eligibility standards
Only providers that have a licence from SIRA will be allowed to offer home building compensation cover. They must comply with the standards we set for the scheme. Providers will submit their proposed premium prices to SIRA, and SIRA will be able to reject premiums that we believe are excessive or inadequate.
A wider variety of products to choose from
The government will encourage licensed providers to offer innovative and alternative products to builders.
Providers will only be allowed to offer builders products we have approved. Products may include insurance or alternative indemnity products such as fidelity fund schemes.
Products must meet minimum standards, but will also be able to include other features. For example, providers will be able to offer products that cover additional risks or allow claims in additional circumstances.