business.gov.au

Home Building Compensation Licence - New South Wales

Description

You will need a licence to provide insurance or an alternative indemnity product to contractors and tradespeople who undertake home building work.

It is compulsory for contractors and tradespeople to have home building compensation insurance cover for work costing more than $20,000. This covers home owners if the work does not meet the required standards or cannot be completed.

Service type

Licence

A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.

Eligibility requirements

You will need to provide the following with your application:

  • particulars of the shareholders, directors and other managers of the applicant
  • previous returns and accounts under corporations and insurance law
  • particulars of re-insurance arrangements to which the applicant is a party
  • a draft business plan.

When determining your application, the authority may take into account:

  • your suitability
  • your paid-up share capital and reserves
  • your insurance constitution
  • your re-insurance arrangements
  • the efficiency of the insurance scheme
  • any applicable insurance guidelines.

Duration

For the period specified on the licence.

Fees

Fees Details for this service in table format.

Task Type Business Structure Amount Description
Apply Application All $50000.00

Licensed insurer. Fees for 2023-24
Apply Application All $60000.00

Licensed provider. Fees for 2023-24

Act(s) name

Home Building Act 1989 New South Wales

Administering agency

Department of Customer Service

State Insurance Regulatory Authority

Contact details

Contact Email, Phone and Address Details for this service in simple two column table format, header then data.