❓ Hon Steve Martin asks about the applicability of the increased housing indemnity insurance payout to builds that failed after the policy announcement. The Minister clarifies eligibility is based on the insurance policy issue date, not the build's commencement date.
AnsweredQoN 843Legislative Council
QuestionView source ↗
HOUSING INDEMNITY
INSURANCE SCHEME
843. Hon STEVE MARTIN to the Minister for Commerce:
I refer to the housing indemnity
insurance scheme, and the government's policy that increased the
maximum payout to $200 000 to acknowledge economic impacts on construction.
(1) Does the
doubling of the payout apply to all previously eligible residential builds for
which the failure to complete occurred after the policy was announced on 19 October
2022?
(2) Does the
original commencement date of a build that failed to be completed after 19 October
2022 impact the eligibility for the doubled payout; and, if yes, why?
INSURANCE SCHEME
843. Hon STEVE MARTIN to the Minister for Commerce:
I refer to the housing indemnity
insurance scheme, and the government's policy that increased the
maximum payout to $200 000 to acknowledge economic impacts on construction.
(1) Does the
doubling of the payout apply to all previously eligible residential builds for
which the failure to complete occurred after the policy was announced on 19 October
2022?
(2) Does the
original commencement date of a build that failed to be completed after 19 October
2022 impact the eligibility for the doubled payout; and, if yes, why?
AnswerView source ↗
I thank the honourable member for
some notice of the question.
(1)–(2) It
applies to all home indemnity insurance policies issued on or after 1 June 2020.
The eligibility for the new maximum payout
amount depends on the date the insurance policy was issued, not the
commencement date of the build.
some notice of the question.
(1)–(2) It
applies to all home indemnity insurance policies issued on or after 1 June 2020.
The eligibility for the new maximum payout
amount depends on the date the insurance policy was issued, not the
commencement date of the build.
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