The Minister for Finance of the State of Victoria, in accordance with section 25A(1)(b) of the Victorian Managed Insurance Authority Act 1996 has directed VMIA to establish, operate and administer a scheme to issue indemnities to homeowners whose homes are covered by builders warranty bonds issued by Homesafe Equities Pty Ltd (Homesafe) between 1 July 2003 and 26 April 2004 to the extent of the indemnity provided to each homeowner by Homesafe under the Homesafe bondholder's builders warranty bond.

In accordance with the Direction, VMIA shall indemnify the Homesafe bondholders subject to the following conditions:

• VMIA shall not charge any premium or other fee to the Homesafe bondholders for the provision of an indemnity by VMIA; and
  
• the Homesafe bondholders shall assign to VMIA all rights of recovery against Homesafe under the builders warranty cover issued by Homesafe.

If you require further information on this scheme, please telephone the Claims Manager, Builders Warranty Program on (03) 9270 6900.