14 June 2023
VMIA’s response to the Porter Davis collapse continues at an unprecedented pace, with more than 1,100 claims decisions being completed well ahead of the regulation 90-day window. This equates to six months’ worth of claims decisions on behalf of affected clients in the nine-week period since the building company closed its doors.
It comes as we continue to manage nearly 1,800 domestic building insurance claims which have continued to come in from Porter Davis clients, marking the single biggest event of its kind in the almost three decades since VMIA’s formation as the Victorian Government’s insurer.
In another significant development for Porter Davis customers, we’re pleased to advise that we have enlisted Simonds Homes, Metricon and Cecure (a division of Mazzei homes) to quote for the completion of Porter Davis customers’ homes. We’ve commissioned an independent assessment that confirms these builders’ financial strength and operational capacity to complete the building works required, over and above their existing projects. And we’re ramping up quoting with many other builders, including those preferred by our Porter Davis customers, based on a thorough due diligence process.
So far, we’ve conducted approximately 1,350 site inspections and paid out some $3m in claims, and we expect to close out hundreds more claims assessments over coming weeks.
While we’re doing all we can to keep things moving, we know it’s a challenging time for people affected by the Porter Davis collapse. That’s why we’ve allocated more resources to get through the unprecedented volume of claims and help people get into their homes as quickly possible. We also know that the process can take longer for some, especially where cases are particularly complex and require more information and follow-up.
One of our main priorities is to make sure clients aren’t exposed to any more issues than they’ve already had to endure through the collapse of Porter Davis. Indeed, as their insurer, it’s our job to protect our clients’ interests. It’s with this in mind that we scrutinise every building quote we receive to make sure it offers value for money for the client, while meeting all of the specifications and requirements of the job.
We can assure our clients that our dedicated team at VMIA will keep working tirelessly to get them into their homes.