Builtin vs NZI Insurance

Tauranga-based insurance broker for builders and trades, with roots in 2002

Builtin Insurance Brokers Limited is a Tauranga-based broker for builders and trade businesses, holding a Class 2 financial advice provider licence (FSP28581) and belonging to the Steadfast broker network. It traces its history to 2002, when it began insuring Certified Builders Association members, and says it is family-owned, with Keryl and Ben Rickard as shareholders and directors. It places cover with insurers including Ando, IAG, Vero, QBE, Lloyd's, DUAL, UANZ and AIG, across liability, contract works, tools, commercial vehicles, professional indemnity, bonds and a Residential Completion Guarantee.

Pros

• + Broker specialising in construction and trades, with its own FAP licence
• + LBP professional indemnity for Licensed Building Practitioners
• + Instant online quotes for liability, tools and vehicles
• + Residential Completion Guarantee you can offer homeowners

Cons

• − No published prices; premiums quoted per business
• − Paid by insurer commission and may add advisory fees
• − Completion Guarantee has no post-completion defects cover
• − Steadfast network takes up to 1.5% of each policy from insurers

IAG New Zealand's business insurance brand, sold through insurance brokers

NZI is the business and commercial insurance brand of IAG New Zealand, part of Insurance Australia Group (IAG), whose other NZ brands include AMI, State and Lumley. IAG says NZI provides business, rural and personal insurance through brokers, so trade businesses buy NZI cover through an insurance broker rather than directly.

Pros

• + Backed by IAG New Zealand, part of Insurance Australia Group
• + Broker distribution means advice on cover for your trade
• + Business, rural and personal cover available through one broker

Cons

• − No direct online quote; you need a broker
• − No public prices
• − Product details for trades are set per broker quote