icare targets relief for flood-hit areas

18 July 2022

Five northern NSW local government areas affected by this year’s flooding catastrophe will benefit from fast-tracked eligibility applications for home building compensation insurance.

The expedited applications are available for builders in the Ballina, Byron, Lismore, Richmond Valley, and Tweed Shires, state-owned insurer icare says.

“We understand how much these communities are hurting and we want to help by making it as easy as possible to start the rebuilding process,” Insurance for NSW and Home Building Compensation Fund (HBCF) Group Executive Rashi Bansal said.

“The current delays and shortages in the construction industry are well documented and prioritising eligibility helps by speeding up one step in the process.”

Ms Bansal says getting a certificate of eligibility is the first step in obtaining insurance from HBCF for residential building work.

A builder’s eligibility determines the maximum value and number of construction projects they can have open at any given time with icare HBCF, and certifies the maximum contract price for each type of construction work they’re eligible to perform.

icare is fast-tracking the process in the flood hit regions in partnership with Resilience NSW.

Separately, icare has recently made changes for small builders seeking less than $5 million insurance, with an online portal allowing an eligibility application to be processed within two business days.