Luxury Property, Fine Art & Personal Collectibles Insurance pre-release workshop is set for 9th March 2017. Enquires email@example.com
2016 Looking back on a year of growth, organised disruption and opportunities
Owner builder sector continues to rise albeit at a low growth rate. In 2005 our parent company (Qamvis Insurance Group) undertook a comprehensive review of the owner builder sector. This review analysed each states legislative framework, education, risk and incident results, owner builder profiles, demographics and economics element of this buoyant construction sector. This study become the benchmark to measure year over year market-place and commercial performances.
2016 resulted in 118.8% increase over 2015 results (where an increase over previous year was 132% over previous same period). More details: firstname.lastname@example.org
Wild weather hits Brisbane
Wild weather hits Brisbane as thousands of homes are without power. Qiducia, in collaboration with brokers, contact owner builders currently undergoing construction building works in the greater Brisbane area to check on damage and offer any assistance that may be required. Whilst some minor water damage was reported, all clients escaped serious loss or damage. Qiducia received the following bouquet for an existing client: “we were both surprised and delighted to have received a call from your staff today, thank you. We appreciate the thought and care’.
Every year Qiducia reviews and enhances (where required) it underwriting guidelines and Policy Wordings to ensure that the features and benefits offered to our clients and policyholders meet the evolving construction and renovators markets.
The latest enhancements surround broader underwriting breadth to provide greater, more pertinent risk assessment and thereby allow underwriters to cost risk more accurately.
Wild storms hits Sydney
Wild storms hitting Sydney and much of state, flood evacuations underway. Qiducia claims department received several calls from clients who requested assistance. Qiducia, in collaboration with relevant insurers provided immediate response through on their ground, local staff to assist with recovery and reinstatement processes.
Insurance only maters when a problem such as a weather related event gets in the way of the building works and causes financial or personal loss. Qiducia exclusively works with approved, Australian first tier insurers.
Qiducia Broker Transaction Platform makes owner builder business accessible for everyone.
Qiducia is committed to driving easy Broker access to quote, bind and reconcile. In 2014, Qiducia launched the insurance industry’s first, online iClose Broker Solution, aimed at providing Brokers with first class, open standards, and best in industry security with a view to serve owner builders as first class clients.
Financial Year 2015-2016
Financial Year 2015-2016 are now in and Qiducia’s overall performance, (number of owner builder projects) insured during the past fiscal year increased by 132% over previous same period. NSW and Queensland results accounted for over 50% of all new construction projects.
Qiducia and the Insurance Lobby Group announce partnership
Qiducia and the Insurance Lobby Group announce partnership, to further expand and promote owner builder safe construction project.
“The Insurance Lobby Group learning roadmap fits neatly our fundamental beliefs in owner builders who, in the main are disciplined, careful and proud of their project” says Sam Greco, Chief Executive, Qamvis Insurance Group and Qiducia Underwriting Australia.
Voluntary Workers & Personal Accident Scheme released exclusively through selected insurance intermediates and brokers.
One of Australia’s best waterfront properties is to undergo extensive renovations as an owner builder project.
This property features spectacular views, private marina, Mediterranean inspired architecture and unrivalled luxury features throughout. The alterations and additions will add a further 144 sqm guest bedroom with private sitting area and huge 52 square metre walk-in dressing room, and redesign and fit out of the main kitchen.
Owner builder works value is (budget) $1,250,000. Expected construction time frame is 14 months.
Qiducia, in association with the client’s preferred insurance broker, underwrote the project with special consideration for this unique waterfront location and the exceptionally delicate fit-out requirements.
Another, Luxury Property, Fine Art & Personal Collectibles Insurance client.
A spectacular, $2million Gold Coast hinderland owner builder project has been approved following several years of planning and pursuing building approvals. This ecologically sustainable development has an estimated construction cost of $2million and is insured through Qiducia. A key element of the construction works is a large/residential/commercial Off-Grid System Power with up to 24 x 290 watt solar panels, a 48 volt gel-cell battery bank with custom-made enclosure and the pictured wall-mountable control centre featuring solar inverter and Sunny Island battery and inverter/charger.
WA owner builder activity continues to grow. First quarter 2016 results are in and Qiducia is pleased to report a 63% new client’s increase over same period 2015.Perth’s inner southern and eastern suburbs are stand-outs.
Qiducia is pleased to announce a strategic partnership with Owner Builder Education & Support Services NSW. ‘We are very pleased to welcome OBE&SS to our panel of education and support services affiliates’, says Sam Greco Chief Executives, Qamvis Insurance Group. Owner Builder Education & Support Services NSW, is a leading education centre for owner builders.
Special thank you to iNavigator, Insurance & Risk Publications, Insurance Business (Key Media), Fairfax Media, Sky News and other media organisation who thought our story and vision was news worthy. Thank you to the journalists and senior editors who understood and respected ‘our position’.
Underwriting Agencies Council (UAC). Sydney Wednesday 9th, March 2016. We're ready and looking forward to meeting our old friends and colleagues, and introducing ourselves to new brokers and their team members.
Owner Builder Broker Reference Handbook is now available. The purpose of this booklet is to assist our broking community maximise each new business enquiry through leveraging the power of Qiducia’s systems and solutions.
What is an owner builder?
Profile of an owner builder
Why owner build. Economic benefits
Difference between insurance value and premium is an owner builder’s incentive to buy
Common owner builder insurance requirements
Prestige and top end renovations gain greater owner builder interest. From Brighton Victoria to Bankstown NSW and from Sandy Bay Tas to Sunshine Coast Qld, monthly bordereaux’s are showing a clear sign that high value properties are once again in the owner builder mix. Since July 2015, 88 owner builder renovation and additions projects were approved with construction value (Sum Insured) in excess of $900,000. In all cases reviewed existing structures were also insured with an average combined sum insured value in excess of $2,000,000.Heritage Listed structures accounted for 11% of overall prestige owner builder projects.
A petition calling on the Victorian government to amend Residential Planning rules to allow granny flats as secondary dwellings on a residential sites without building planning approvals has gained resounding traction.
In contrast to NSW where over 400 new granny flat applications approvals are registered each month, Victoria’s restrictive and outdated planning laws attract less than 10% of NSW new starts each month.
Granny flat sales in NSW have doubled over past 12 months. 6,900 granny flat permits were approved NSW during 2015. Granny flats are ideal owner builder projects.
Large areas of southern Australia, especially along the east and west coasts extending inland, face above normal fire potential for the 2015-2016 fire season, despite many fires in some parts of the country over the last 12 months. The above normal forecast is mostly due to a strengthening El Nino over the Pacific Ocean, currently tracking as one of the strongest on record, but is made more complex this year by the influence of warmer sea temperatures in the Indian Ocean. There have also been significantly below average rainfalls over the last decade across almost all of eastern Australia, the west coast and Tasmania. Such underlying dry conditions mean that any surface moisture from recent rains will quickly decline once temperatures begin to warm. Source: Bushfire and Natural Hazards CRC Ltd (ABN: 211 631 379 79)
Recent Victorian bushfires triggers an unprecedented number of owner builder insurance applications over the Christmas, New Year period. Several brokers who remained open during the traditional shutdown period reported high enquiry activity particularly in high risk areas. One broker commented, “the number of owner builders who had commenced construction works without insurance, and now sought cover was alarming”.
Several owner builders situated in the Sydney suburb of Kurnell were hit by high 213 km winds and water damage to their properties. Guild Insurance claims personnel and their assessors were quickly on the scene to help these owner builders mitigate any further loss and also to assist through the claims process.
Owner builder VIC Home Warranty insurers (via underwriting agency). Brokers were advised that unauthorised Home Warranty Insurers were touting their soon to be released Owner Builder Home Warranty Insurance offerings. In Victoria, VMIA is the only authorised Owner Builder Home Warranty Insurer.
Victoria Protective Works Insurance and a recent ‘confusing’ Supreme Court ruling. Compliance with the Victorian Building Act s93 and protection of adjoining and neighbouring property. The Act requires an insurance policy is in place prior to any commencement of protective works. The Act however does not specify what type of insurance is required but simply states ‘before any protection work is commenced in respect of an adjoining property, an owner must ensure that a contract of insurance is in force’. Interestingly, the Act’s vagueness reading the specifics of the type of insurance required is not supplemented by the Building Regulations 2008, which are silent on this matter.
The sirens sound very loud when the Judge finds that there exists a situation where there is a mandatory insurance legislated by parliament for which there is no such policy available in the market. However the vagueness of the Act in regard to exactly what type of policy is required may allow for a multitude of policies to comply with s93 of the Act.
Secondly an Insurance Policy period (currency of the Policy) must be valid for the entire period that protective works notice is in place, in other words 12 months following the completion of the works. Are owner builders made aware if this very important requirement?
A recent case of the Victorian Supreme Court of You v Thomas  provides some guidance in regard to what type of policy will comply with s93 of the Act.
His Honour Justice McMillan upheld an appeal on all grounds and found that the insurance contract did in fact comply with s93 of the Act, for the following reasons: “I have come to the conclusion that an insurance contract wherein the adjoining owner is not named as the insured will not, for that reason alone, fail to comply. That section requires there to be a contract of insurance indemnifying the insured against damage by the protection work to the adjoining property. Its purpose is the protection of the adjoining owner against loss. An insurance contract upon which the adjoining owner was unable to recover would necessarily fail to comply with s 93(a), for it would not in effect indemnify the adjoining owner against loss. In my opinion, s 93(a) requires that the adjoining owner be insured under the contract. … by operation of ss 20 and 48( of the Insurance Contract Act 1984), a person may be insured under a contract without being explicitly named as the insured.”
Furthermore his Honour found that it is inherent in s93 of the Act, that require an insurance policy to be renewed that there is no requirement that a single insurance policy cover the whole period of the work. However a policy must be renewed so that there is an insurance policy in force during the period of the work and for 12 months thereafter.
This decision although does not explore all possible issues with s93 of the Act, does provide a measure of comfort to developers and owners in that merely because an insurance policy is take out by the builder does not prevent it from complying with s93.
It is beyond the scope of this article to provide all of the findings of Justice McMillian in You v Thomas 2014.