New base premium rates as of 2 October 2018
HBCF have confirmed that new base premium rates will be effective from 2 October 2018.
The biggest changes are to C01 – New Dwelling Construction and C09 – New Duplex, Dual Occupancy, Triplex and/or Terrace (attached) construction which will have base rate premium increases of 44% and 46% respectively.
HBCF have advised that there will be no grace period for the changeover to the new rates. Your policy will need to be paid and issued prior to 2 October 2018 for the old rates to apply.
In order to facilitate a smooth transition to the new rates, any project applications for certificates that you wish to have processed under the existing rates must be received & quoted by Tuesday, 25th September 2018 with payment to be received prior to 2 October. If you are unable to submit the application to us by this date, you may be charged the new rates.
Please also be mindful that on the Friday (28/09/18) and Monday (01/10/18) prior to the rate change there is a public holiday in Victoria and New South Wales respectively. This will impact our and the insurers ability to process last-minute project applications so we appreciate your assistance in submitting applications by the cut-off date.
Changes to our fee structure
To coincide with the changes to the HBCF base premium rates, MBAIS has released a new fee structure.
As always, you can rely on expert advice and support from our highly qualified and experienced specialist warranty team that sets the industry standard for service.