01
Early project review
The intended model considers project information at an early stage, when underwriting and technical matters can still be addressed efficiently.
Brokers
Your client.
Our specialist support.
Building Protection Insurance is a specialist and developing area of the Australian insurance market. Index's intended broker model is designed to provide specialist underwriting and technical support while the broker remains central to the client relationship.
Every step, covered.
Broker support model
Specialist support behind the broker.
Index is developing the specialist product, construction-risk, underwriting and technical approach required for Building Protection Insurance. Index's intended model provides specialist product, underwriting and technical expertise alongside the broker's existing client relationship.
02
Specialist assessment
Index is developing the specialist underwriting and technical assessment for this class of insurance. Brokers are not expected to make technical insurance or construction-risk judgements.
03
Client support
The intended model provides specialist product, underwriting, technical and jurisdictional information to support the broker's own client relationship.
Project information
Initial project information.
Initial assessment would typically consider the project location, developer and builder, project size and value, delivery stage and the purpose for which Building Protection Insurance is being considered.
- The project location
- The developer and builder
- The project size and value
- The delivery stage
- The purpose for which Building Protection Insurance is being considered
The process
How a placement would progress.
01
Initial screening
The project, key participants and available information are reviewed against Index's risk appetite and initial eligibility requirements. This includes the nature and stage of the project, the developer and builder, delivery arrangements, and whether there is sufficient information to proceed to detailed underwriting.
02
Underwriting and terms
The project is assessed in detail, including the developer and builder, design, delivery arrangements, quality systems, technical risks and proposed insurance terms. Any required referrals, conditions and technical assurance requirements are identified before binding.
03
Technical review and reassessment
During construction, the independent TIS process provides technical evidence and identifies material findings or changes. Index considers that evidence and reassesses the underwriting position where required.
04
Final release and commencement
Before cover commences, Index confirms that the final underwriting, technical and policy-specific requirements have been satisfied. Cover then commences only in accordance with the applicable policy and its specified commencement event.
This intended process may vary according to the project, jurisdiction and final approved insurance arrangements.
Explaining the product
The client conversation, simply put.
The core principles of Building Protection Insurance are straightforward:
| Up to 10 years | The product is intended to provide long-term protection from the relevant occupation certificate or occupancy permit, subject to the final policy terms and applicable jurisdiction. |
|---|---|
| First resort | A beneficiary is intended to be able to make a valid claim directly under the policy without first having to establish negligence or pursue the builder, developer or another responsible party. |
| Follows the building | The protection is intended to remain linked to the insured building throughout the policy period, subject to the final policy and applicable jurisdiction. |
| Risk managed early | The underwriting and technical review process is intended to identify, assess and manage material latent defect risks during design and construction, before long-term cover begins. |
Building Protection Insurance is not statutory certification, a guarantee that a building will be defect-free or a substitute for good construction.