In case you haven’t yet been devastated by the weak recommendations of the recently tabled Last Resort Home Builders Warranty Insurance Senate Inquiry report (and my disgust has been outlined in other posts today), here they are:
1. The committee recommends that all parties receive a copy of the insurance certificate, summary of product and dispute resolution procedures. The committee recommends changing the name of the insurance.
2. The committee recommends that COAG and the Ministerial Council on Consumer Affairs (MCCA) should pursue a nationally harmonised ‘best practice’ scheme of consumer protection in domestic building. The scheme should include but not be limited to:
- disciplinary procedures and penalties;
- clearer definition of defective work;
- quicker and easier dispute resolution;
- the proposed ‘loss of licence’ insurance trigger;
- the HIA’s ‘guarantee of completion’ and related proposals,
- and better information for consumers (including information on builders’ licence record and average cost of premiums).
3. The committee recommends that COAG and the Ministerial Council on Consumer Affairs should pursue a nationally harmonised scheme of detailed reporting of home warranty insurance.
4. The committee recommends that home warranty insurance should be included in the National Claims and Policies Database.
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