The Victorian Managed Insurance Authority (VMIA) met with the National Insurance Brokers Association (NIBA) regarding the takeover of domestic building insurance on April 14th, 2010.
NIBA was advised that the VMIA is currently still in discussions with the existing insurers with a view to having them continue to service the market in much the same way as they have been doing, but with VMIA accepting full underwriting risk.
We wish to reassure you at this point, that it is “business as usual” for all of our builders who currently have eligibility with either QBE or Vero and we will continue to provide the same level of service to you, such as same day processing for all job specific warranty applications.
For any builders that still have their eligibility through either CGU or Lumley Insurance and have not yet transferred to one of the other existing providers, please contact us so that we can advise on the best course of action for you.
If you have any queries or wish to discuss further, please do not hesitate to contact either your Account Manager or myself.
Andrew Locke
Managing Director