As an entity licensed by APRA, the financial institution has to comply with rigorous standards such as Liability Valuation and Risk Management Standards, ongoing Reporting and Supervision Standards and Capital Adequacy requirements. An overview of these implications s provided on this website under our Corporate Profile.
Domestic Building Insurance FAQs
Yes, Assetinsure is an APRA regulated Australian insurer which meets the requirements of Section 137AA of the Building Act 1993. It is approved under Point 2(a) as a “designated insurer”.
The policies are underwritten by Assetinsure Pty Limited (Assetinsure) an APRA authorised insurer. Premiums are paid directly into an Assetinsure bank account. CBL performs activities of a managing general agent but is not involved in handling customer funds or paying actual claims for customers
Assetinsure has know how in credit assessment and access to a wealth of data which allows us to assess and qualify builders.
Yes, we have factored this in the rates.
Yes, however, if it is for more than 5 units on a site we require you to submit plans and documentation first for our perusal
No we don’t. We stand by our assessment of your ability to run your business.
We are between 10% and 20% cheaper than our competitors. We don’t apply commissions or broker fees. We also will review annually for further discounts.
Because we are targeting the better builders and pre-approve them, you don’t have to compensate the poorer builders. We also believe our checks on your building entity performance warrant cheaper premiums for you. We also don’t believe you should be penalized for having a Trust. We want to promote good building practices and improve the building industry by rewarding good builders.
We are cheaper, quicker and don’t ask you to fill out needless paperwork.
We currently are only targeting experienced, good performing builders. We will review this position in due course.
Renewal of eligibility is automatic unless there has been a significant change in your circumstances.
Limits are reviewed on a case by case basis.
The system we have in place is for pre-approved builders and will reject any applicant outside the set criteria. It is not a reflection of you or your business. Just call us and we can explain.
Based on customer feedback, we are currently reviewing the suite of products we offer.
We deliberately only wanted a soft launch and had decided not to advertise. This will be reviewed shortly.
Once you have activated your eligibility account on-line, you can start issuing certificates immediately on-line.