Frequently Asked Questions and Notification Form (NSW Only)
NSW Home Warranty Insurance – Frequently Asked Questions
Home Building Amendment (Insurance) Act 2009 No 24
Effective 19 May 2009
- 1. When does a loss become apparent?
- - A loss becomes apparent when you first become aware (or ought reasonably to have become aware) of the loss.
- - Loss means a loss that can be indemnified under your policy. i.e. non-completion of your building works or defects in your building work.
- - You are required to notify Vero of your loss becoming apparent within the period of insurance cover.
- - If your policy was issued prior to 1 July 2002 you are required to notify Vero of your loss within 7 years from the date on which the contracted building works were completed.
- If your policy was issued after 1 July 2002 then you are required to notify Vero of a non-structural loss within 2 years of the contracted building works being completed and of a structural loss within 6 years of the contracted building works being completed.
- If your loss relates to non-completion of the contracted building works, then you must notify Vero of your loss within 12 months of the builder failing to commence the works or from when the builder ceased work.
- - Complete a Notification Form and send it to us together with any required attachments. Once this has been received by us we will register your notification, store all documentation received and provide you with a written response acknowledging receipt of your notification. You will also be provided with a notification number, which you will be required to provide on any future correspondence sent to our office.
Click here for a Notification Form.
- - If you have a loss that is apparent within the period of insurance cover and you do not notify Vero of that loss within the period of cover you will be unable to make a claim on the policy for that loss.
- - In order to make a claim under the policy you must notify us within the period of insurance cover. In addition, our policy also requires you to notify us within 6 months of your loss becoming apparent. If you fail to do so, you can still make a claim, but Vero may be able to reduce its liability by an amount that fairly represents the extent to which our interests have been prejudiced.
- - If your policy was issued prior to 1 July 2002 a claim should be made immediately upon your loss becoming apparent.
- If your policy was issued after 1 July 2002 you are only able to make a claim once your builder has become insolvent, deceased or disappeared.
- If your policy was issued after 19 May 2009 you are only able to make a claim once your builder has become insolvent, deceased, disappeared or you have obtained a money order from a Court or Tribunal which the builder has not satisfied, therefore resulted in their licence being suspended. You should note that this is different to a rectification order. If a rectification order has been obtained from a Court or Tribunal, which has not been satisfied by the builder, you are unable to make a claim against your policy. You will need to continue to pursue the builder through the Court or Tribunal to enforce the order.
Click here for a Claim Form
Note: See point 4 on periods of insurance cover.
- Notification: Making Vero aware of your potential entitlement to claim, even if you are unable to do so as your policy has not been triggered.
Claim: One of the triggers has occurred (insolvency, death, disappearance or suspension) and therefore you wish to have Vero assess your entitlement to indemnity under the policy.
- - In addition to notifying Vero of your loss within the period of insurance, you are required to take action against your builder to enforce the breach of statutory warranty resulting in your loss. Should no action be taken by you, Vero is able to reduce its liability by an amount that fairly represents the extent to which our interests have been prejudiced.