WTF definition owner builder insurance underwriting insanity!

Definition owner builder insurance underwriting insanity

An underwriting agency recently announced its transformation from acting on behalf of an insurer to rebranding as a sub-agent of another owner builder underwriting agency. An underwriting agency acting on behalf of another underwriting agency, who in turn acts on behalf of the insurer. WTF - who’s actually underwriting and taking responsibility in this scenario?

Owners builders are encouraged to 'look further than the telephone sales spin' and investigate who actually is underwriting the insurance being offered. Some examples of very bad practice: The insurer named on the paper work is PTY LTD company - a $2 capital base. How are they supposedf to pay out a claim?

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Qiducia Underwriting

Financial Services Licence No 442158 ABN: 32 097 620 758
T: 1300 817 835
AH: 0417 473 749
Post Office Box 88, Glen Iris 3146
L1, 269a High Street Ashburton VIC 3147
Qiducia Underwriting is a trading name of Qamvis Insurance Group Pty Ltd (est 2001)
Financial Services Licence No 442158 ABN: 32 097 620 758