Building Indemnity Insurance (BII) is a statutory requirement for builders undertaking eligible residential building work in South Australia, providing protection to homeowners and subsequent owners against certain financial losses arising from incomplete or defective building work where specified circumstances apply.
COVER FOR
Mandatory Threshold: value of work is over $20,000
Cover types: Building Indmenity Insurance
Building Indemnity Insurance in South Australia provides statutory protection for eligible residential building work, helping to protect homeowners where a builder is unable to complete or rectify covered building work in circumstances provided for under the applicable South Australian scheme. It forms an important part of the residential building process, providing homeowners with protection where the builder’s obligations cannot be fulfilled.
For builders, obtaining the required Building Indemnity Insurance eligibility is an important part of undertaking eligible residential building work in South Australia. MBIB’s specialist eligibility team can assist builders throughout the application and review process, assessing their financial position and technical qualifications and experience, while providing practical guidance to help builders understand and meet the requirements of the South Australian scheme.
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