OUR UNDERWRITING PARTNERS
SOPAC are an American corporation that specialises in all forms of surety risks, bonds and performance related guarantees. Established in 2003 they are headquartered in American Samoa and operate internationally through a network of licensed agents, of which Builtin is their first in New Zealand. Visit the SOPAC website
How Strong Are They?
As at 31st December 2018 SOPAC had net assets in excess of USD43,000,000.
Why are SOPAC Based in American Samoa?
As a US territory American Samoa operates within a US legal framework and is subject to US legal jurisdiction. At the same time the local government has the power to set taxation policy, which can provide corporations headquartered there with tax benefits.
Are SOPAC a Licensed Insurer in New Zealand?
No. SOPAC are a US regulated corporation, represented in New Zealand by Builtin. They provide bonds, third party guarantees and other forms of financial surety that are not deemed to be insurance and providers or which are not required to be licensed insurers under New Zealand legislation.
How Are They Regulated?
SOPAC operate under US legal jurisdiction. They are registered under the US National Association of Insurance Commissioners (NAIC). This is the regulatory body that sets standards, establishes best practices, and conducts oversight of the US insurance industry. Their registration number is 15659. Visit the NAIC website
Hollard is an international insurer with business around the world. Click here to see their financial strength rating and solvency margin. In New Zealand Hollard are represented by Ando.
We primarily use Asteron for our loss of earnings, life and trauma business. Asteron Life Limited has been given an A+ financial strength rating by Standard & Poor’s.
WHY CHOOSE BUILTIN AS YOUR INSURANCE PARTNER?
The Builtin team are specialists in helping building professionals manage risk, for both themselves and their clients.
Builtin was formed in 2006 by Jim & Keryl Rickard and works exclusively with builders and other trade professionals. This means we understand your industry and know the risks you face and the cover you need.
Having worked with builders as a broker for many years Jim was frustrated with by the lack of liability policies that would properly protect builders from some of the situations they most commonly found themselves in. Indeed, at that time most liability policies deliberately excluded many events that would commonly arise for builders. So, he set about changing that. Jim approached CBL Insurance (then known as Contractors Bonding) and they agreed to underwrite a policy that was tailored for builders. This was highly successful and more policies followed, including errors & omissions indemnity and a payment guarantee for subcontractors.
Our customers love being with a company that understands their business and can answer their questions, and they began asking if they could do their other insurance with us too. We listened and our expanded offering now includes tools and vehicle insurance and other specialist products for builders & tradies.
Builtin were the first to:
- introduce faulty workmanship cover
- extend cover to the property being worked on
- allow tradespeople to extend their public liability insurance to cover professional advice & services
- make errors & omissions indemnity insurance available to builders & trade professionals
- provide simple payment guarantee cover for subcontractors
- offer an independently insured 10 year guarantee for residential building work
We continue to innovate to protect builders & tradies from the risks they face. We’re not brokers, we work with a select number of insurers based on their terms, pricing and service to provide the best possible cover for tradespeople, at the best possible price.
Please note that Builtin New Zealand Limited acts as the agent of the insurer in respect of the insurance products offered and not as your agent. Any advice we give you does not consider your individual needs. You should consider if the insurance is suitable for you and read the policy wording before buying the insurance.
MEET THE TEAM
Jim is married to Keryl, and his interests include rugby league, sport, history, family history, gardening and Keryl (not necessarily in that order!)
Keryl doesn’t have a lot of spare time, but when she does her interests include husband Jim, socialising, Jim, retail therapy and Jim …. and now that she has her HT licence – truck driving!
Kim enjoys cooking and baking or doing projects around the house and in the garden with her husband Carl.
Married and with a young son and daughter, Ben is busy making the most of living in New Zealand again, catching up with friends, spending time at the beach and working on the property.
Customer Support Executive
Clayton is a family man, with a wife and two young kids. He’s an experienced insurance professional, having worked at AMI, State Insurance and as a broker also. Growing up, Clayton’s father was an old school plasterer around the Auckland area and Clayton himself has recently been through the building process, having built in Tauranga in the last few years. Clayton is here to answer enquiries, making sure our clients have the right cover and understand the ins and outs of their policies.
Before moving to the Bay of Plenty in 2001 Tracy was married a builder, running their own building company in Wellington. Originally from Britain, Tracey loves our local beaches, weather and lifestyle. Having completed post graduate management study, she now helps our customers through the warranty accreditation process, processes warranty and insurance applications and supports customer enquiries.
Dave La Pere
Terry is a former policeman and management accountant who now enjoys tramping, reading and spending time with his family.