What is icare?
icare, or Insurance and Care NSW, is a government-owned agency established in 2015 to oversee the delivery of insurance and care services to the people of New South Wales. Icare plays a critical role in the administration of the Home Building Compensation Fund (HBCF) insurance, which is a statutory insurance scheme that protects homeowners against incomplete or defective building work. As the scheme’s administrator, icare ensures that builders meet the necessary licensing and insurance requirements to provide coverage under the HBCF. In addition, icare is responsible for managing claims and overseeing dispute resolution processes to ensure that homeowners receive the necessary compensation for any covered loss. With its extensive experience in the insurance industry, icare is a vital partner in ensuring that homeowners have access to reliable protection against the risks associated with building work.
How does icare administer HBCF insurance?
icare is responsible for the administration of the Home Building Compensation Fund (HBCF) insurance in New South Wales, Australia. The HBCF is a statutory scheme that provides homeowners with financial protection in the event of incomplete or defective building work, and insolvency, death, disappearance of the builder, among others.
The application process for HBCF insurance requires builders to provide details about the project, including the value of the work, the type of construction, and the builder’s qualifications and experience. icare also requires builders to provide documentation, such as proof of their builder’s licence and insurance, before they can obtain HBCF insurance.
icare’s underwriting process involves a risk assessment of the builder and the proposed project. This includes reviewing the builder’s experience, track record, and financial stability, as well as assessing the project’s feasibility and compliance with building codes and regulations. Based on this assessment, icare determines the level of risk associated with the project and calculates the premium for the HBCF insurance policy.
Overall, icare plays a critical role in the administration of HBCF insurance by assessing and underwriting policies that provide financial protection for homeowners and promoting compliance with building standards and regulations.
icare's Claims Management
icare plays a crucial role in managing claims made under the Home Building Compensation Fund (HBCF) insurance policy. Homeowners can make a claim under the policy if their builder dies, disappears, or becomes insolvent. The policy covers defects in the workmanship or materials used in building or renovating a home.
To make a claim, homeowners need to notify icare’s claims manager, Gallagher Bassett, as soon as possible after becoming aware of the issue. The claims manager will then initiate an investigation to determine the cause of the issue and assess the claim’s validity.
The claims management process involves reviewing the evidence provided by the homeowner and conducting site visits to investigate the issue. They may also seek expert opinions from engineers or other professionals. Once the investigation is complete, icare, through its claims manager, will make a decision on the claim and provide the homeowner with a written notice of their decision.
If the claim is valid, icare will work with the homeowner to resolve the issue. This may involve repairing the defect or providing financial compensation. If the claim is rejected, icare will provide a written explanation of the reasons for the rejection, and the homeowner can appeal the decision through the HBCF review process or the NSW Civil and Administrative Tribunal (NCAT).
Final Thoughts on icare and HBCF Insurance
In conclusion, icare plays a crucial role in administering HBCF insurance in New South Wales. Homeowners can rely on icare to manage insurance claims. HBCF insurance provides peace of mind and financial protection for homeowners and builders, making it a vital component of any construction project.
As a solicitor and construction lawyer, I cannot stress enough the importance of verifying builder licence and insurance.
I urge homeowners to download our “Builder License and Insurance Verification Checklist” to ensure that they are protected in the event of any unforeseen issues. With more than 10 years of experience representing homeowners in tribunals and courts throughout Australia, I am committed to ensuring that homeowners have the information and resources they need to protect their investments.
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