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The Victorian Upper House Inquiry into the benefits of the Warranty Insurance has concluded with QBE giving evidence and we now await its findings which are expected in the next month or so.
So what can we expect from this inquiry and what did we learn from the submissions and hearings?
- Warranty Insurance does not deliver its intended purpose
- It fails the consumer and builder
- It restricts trade
It is hard to imagine why it exists but when you consider this evidence presented to the inquiry and shown on the ABC Stateline at this link: <http://www.abc.net.au/news/video/2010/07/02/2943712.htm> it shows that our industry representatives are more interested in their own bottom line rather than the interests of the wider building industry.
MBAV in their December written submission supported Last Resort but when Vero pulled out they gave verbal evidence and withdrew that support and referred to the warranty regime as a failed experiment but in the Stateline segment they reinstated their support yet again because they now had the product to sell again.
The inquiry has heard and received sufficient evidence to understand the reasoning and motives of all parties and they are in a position to deliver an informed outcome.
We look forward to this outcome!