DBI scheme changes | Domestic Building Insurance | Master Builders Insurance Brokers (MBIB)
How has Domestic Building Insurance changed?
The Victorian Managed Insurance Authority (VMIA) has implemented a major change to their Domestic Building Insurance (DBI) service model.
As part of this change, registered Victorian builders seeking to purchase insurance from this government backed insurer must select a licensed Distributor to manage their DBI needs from 1 July 2017.
The existing system, also known as Home Warranty Insurance, was distributed by the VMIA via an exclusive agent (QBE Insurance) and managed by insurance brokers such as MBIB. The new service model means that DBI will be distributed via a panel of a few licensed Distributors, which you can deal with directly, or via an insurance broker.
MBIB is one of the few brokers to have been granted a new DBI distribution license.
The new service model uses an online portal called BuildVic to help streamline the process of purchasing the insurance, provide better access to information and reduce red tape.
You are now able to purchase DBI online via the BuildVic portal. We are able to show you how the new system works so you can elect to produce your own certificates or use our MBIB Job Specific team to process them for you.
Please note: All certificates purchased through BuildVic will need to be purchased via credit or debit card.
Will existing building work be covered during the changeover process?
Any DBI certificate approved prior to the roll out of the new process will remain valid for the period of time stated on the certificate.
What does the scheme change mean for current certificates?
Any existing DBI certificates will remain valid for the time specified upon approval.
Although current certificates and existing building work will be covered, to remain part of the government backed insurance scheme from 1 July 2017, you must appoint a licensed Distributor.
For more information, talk to our specialist DBI team.
