Does Your Fire Contractor have Home Owners Warranty Insurance?
Home Owners Warranty Insurance is an insurance policy taken out by the builder / contractor to protect the building owner against the builder going bankrupt, the builder disappearing or defects with the job.
It is a legal requirement for all residential contracts above $20,000 to have home owners warranty insurance (the new name is Home Building Compensation Fund – however still known in industry as Home owners warranty insurance).
However, builders / contractors need to GAIN ELIGIBILITY from the Home Building Compensation Fund, a section of Dept of Fair Trading before they can take out a policy.
Builders / contractors need to demonstrate:
- They have the appropriate licence(s);
- They have public liability, professional indemnity and workers compensation insurance;
- A Full financial ‘health check’ of the company including, assets and liabilities, balance sheet, aged debtors and creditors, bank accounts are checked, profitability etc.
- Review of the director(s) and shareholders including industry experience, assets and liabilities, insurance history, and history of any poor financial management such as a company external administration, receivership, liquidation or bankruptcy.
Dragon Fire Services is fully covered under the Home Owners Warranty Insurance scheme. (Click here to view the NSW Fair Trading Page) Therefore you can be absolutely confident that we are reliable, financially stable and have a proven track record.
For more information on these or any of our other services, please call our office on 1300 149 218 or mobile 0411 293 004.