From January 2019 Home Warranty Assurance Australia (HWAA) is preparing to become the first public unlisted company outside iCare to offer Home Building Compensation products to NSW builders and Trade contractors. Founded by experienced NSW builders and backed by private capital providers, HWAA was created in response to a call from the NSW Government for a fairer, more efficient and financially sustainable Warranty Scheme for NSW builders and home owners. At the centre of HWAA’s operations is a unique composition of in-depth skills in areas of credit risk, capital markets, building and construction, and home warranty. Source: Timberbiz
“HWAA is founded with experienced builders in our centre, so we know first-hand the pain builders have been going through just to be able to do what they do best,” said Greg Smith, Director Distribution and Group Chief Operating Officer.
“Our vision is a completely fresh approach that will reduce the cost, hassle and red tape of Home Building Compensation Cover.
“The current scheme is financially unsustainable and HWAA’s existence is a tangible example of a group of highly experienced stakeholders banding together to create a positive, effective solution for both builders and homeowners in NSW.”
While HWAA intends to officially commence operations in January 2019, the company is now inviting NSW builders to apply for the exclusive, limited capacity HWAA Expert Builders Program.
This unique, exclusive initiative has limited capacity and is designed to attract builders with the highest standards of service. Ultimately, it will reward well-established, lower risk building operators with lower premiums, faster turnaround times and more adequate ‘open job values’ and ‘open job numbers’.
“We recognise builders are professional, committed experts. Our Expert Builders Program is in essence a “by invitation only” program with limited participation numbers for experienced, well established and low risk building operators, that comes with remarkable benefits including premium discounts of up to 40 per cent for builders considered to be low risk operators, and 50 per cent warranty limit increases,” said Mr Smith.
“We also have a dedicated service team, and can make faster decisions – in minutes, not hours – by having access to our state-of-the-art Artificial Intelligence Chatbot called HUGO. We’re encouraging NSW builders to act now and avoid missing their chance to join this exclusive program,” he said.
“We are glad to see a new provider in the market and so proud to be the first participant in the Program,” said Andrew Manson, Managing Director of Barrington Homes.
