Builtin’s Scope of Service

This Scope of Service outlines our services and our obligations to our clients as a Licensed Financial Advice Provider. We are happy to discuss these with you if you have any questions.


Builtin New Zealand Limited holds a transitional Financial Advice Providers license, which came into effect on 29th June 2020. Our registration number is: FSP200907.  Click here to view our registration details. This Financial Advice Providers license also covers Builtin Insurance Brokers Limited (FSP28581) and Builtin Advisers Limited (FSP569487) as Authorised Bodies. We are regulated by the Financial Markets Authority (FMA).


You may choose to interact with us in different ways:

Do it yourself – quote online

You can obtain quotes and arrange cover directly via our website. If you do this we are not providing you with personalised financial advice. The policies available on our website have been selected by Builtin to be suitable for a typical building trade business. We base this selection on our experience dealing with trade businesses and their insurance needs over the past 20 years. We have negotiated special rates and in some cases policy benefits with insurers. When choosing which insurers and policies to include we take into account a range of factors. These include but are not limited to: price; policy wording (eg. coverage, benefits and exclusions); claims management; the insurer’s reputation, their ability to delegate authority to us and the quality of our business relationship with the insurer’s underwriting personnel and senior management (eg. their responsiveness, flexibility and problem solving). From time to time we will review the suitability of our package and, if we deem it in the best interests of our clients, we may make changes. The insurance providers also have the right to change the terms of the agreement. Any changes will typically take effect from the date of your next renewal.

Do it for me – personalised advice from a broker

If your needs are different or you would like a professional to help arrange your insurance cover then you should speak to an adviser. Their role is to assess your needs and provide personalised advice to suit your particular situation. As your insurance broker/adviser we can source and recommend products from a number of insurers. However, in some cases we may recommend a product or provider that we have negotiated exclusive rates with, such as the policies described above. In this case we will disclose this fact to you. 


We provide advice on commercial, domestic and personal insurance, with a particular focus on clients that operate within the construction industry.
We help our clients protect their assets and cover their liabilities, to minimise the financial impact to their lives and businesses when things go wrong.
We can also advise on good risk management practices.

We do not provide advice on investments or any other Financial Advice. We can refer you to others when you require advice on these products.


All financial advisers, including insurance brokers that provide personalised advice, must be registered, provide you with a disclosure statement and belong to an external disputes resolution service. We have a statutory duty to act with care, diligence and skill and not to mislead our clients. Insurance can be a complicated process if you are not used to it. As your insurance broker/adviser we will provide advice, support and guidance as you complete the insurance process.

Pre-placement services

If you choose to use our broker service then before you place insurance we will help you with some or all of the following:

  • Assessing your risks and insurance requirements,
  • Identifying any additional specialist advice or services that may be required,
  • Assess and compare the suitability of policies from potential insurance providers,
  • Obtain quotes,
  • Advise and make recommendations on the most suitable insurers and policies,
  • Confirm cover and terms on your behalf,
  • Advise on premium funding options or other products as necessary,

Post-placement services

Once you have chosen the coverage you require you can expect us to:

  • Send confirmation of coverage to you, including the policy wording and cover summary,
  • Provide certificates of insurance and arrange endorsements as required,
  • Help you lodge claims and be your advocate with the relevant insurance providers and any loss adjusters involved,
  • Conduct an annual review of your cover to ensure it remains suitable for your needs,

Additional services

At your request we can offer the following additional services:

  • Premium funding options for your insurance policies,
  • Advising on indemnity and insurance provisions in your commercial contracts,
  • Arranging an independent review of your Business Interruption sums insured and Indemnity Period from an external expert,
  • Assistance with a bespoke Business Continuity Plan for your business,

A number of these services fall outside of our core services and may be subject to the agreement of additional remuneration between us or with the relevant outside service provider.

Privacy and confidentiality

Our full privacy policy is available here.

Conflicts of interest

We have procedures in place to identify and respond to conflicts of interest. If a potential conflict is identified, we will contact you and work together to find a suitable solution.



Prompt payment of premiums, taxes and levies (If applicable) on receipt of our invoices (unless arranged otherwise).

You must also indemnify us against any liability we may incur regarding payment of New Zealand Fire Service levies payable when New Zealand risks are placed with overseas Insurers.

Disclosing information

You are solely responsible for the accuracy of any information provided by you to us and to your insurance provider. Inadequate or incorrect information provided intentionally or in error could result in the impairment or voiding of your insurance cover.

We take no liability for the accuracy or completeness of any information that you provide including the placement or provision of insurance on your behalf on incomplete or inaccurate information.

Please let us know if you have any concerns regarding the information you are providing or the level of cover you are requesting.

You are required to:

  • Fully disclose any material information to us and your insurance provider. Disclosure in this context includes every matter that you know or could reasonably be expected to know that is relevant to the insurer’s decision to accept the risk and, if so, on what terms,
  • Set adequate sums insured and liability limits for cover,
  • Advise us if you have any questions or concerns regarding the information you are providing for insurance purposes,


Remuneration and other incentives

There are several ways that we are remunerated for our services:

  • Brokerage, which is generally a percentage of the premium paid by you and allowed to us by the Insurer. The rates of brokerage vary and are typically between 7% and 30% depending on the type of cover and the insurer,
  • A fee payable by you covering the placement of a specific insurance policy or policies. This may be instead of, or in addition to, brokerage paid and would most commonly be levied on bonds, guarantees and other non-standard financial products. This could be in the range of $50-$1,000 depending on the size of the policy required and the work involved,
  • An administration charge for policies and other documentation provided to you. This is typically between $25-$75,
  • We also charge a nominal administration fee for loading your polices and for any amendments made during the year. This is typically between $25-$50,
  • Commission and/or other payments from premium finance providers for insurance policies that are funded. Premium funding commissions are typically in the range of 1%-3%,
  • An hourly rate for managing a claim where the amount of time involved is in excess of 5 hours. This is typically $120 per hour, 

At the time we provide you with a quotation the specific amounts of the fees and commissions payable will be disclosed to you. Please feel free to discuss any of the above with us.


Our services may be terminated by you or us with one month’s notice in writing to the other party.

If you decide to terminate our services we will be entitled to retain all brokerage and fees for any policies of insurance that we have arranged on your behalf. In the event that any insurance premiums are outstanding at the time of termination you must pay us these amounts as part of the termination arrangements.

We will provide all reasonable assistance and cooperation after such notice of termination.

We may continue to answer queries and provide assistance after this period if requested by you, however we reserve the right to charge scale fees for the provision of such services.

Client Money

Builtin operates a Trust Account for the collection of client premiums and the onwards payment of these premiums to Insurers. The Trust Account is audited at least annually by a qualified auditor not affiliated with Builtin.

Professional Indemnity Insurance

We hold Professional Indemnity Insurance in the amount of NZ$100m. This is arranged through our adviser network partner Steadfast. Steadfast may receive a commission or fee for policies arranged by us. Further information on Steadfast can be found at: www.steadfastnz.nz.


We maintain a procedure for handling complaints by clients, designed to ensure that the complaint is dealt with promptly and fairly. If you have a complaint please contact us in the first instance.

We are also members of an external disputes resolution service as required under the Financial Services Legislation Amendment Act, details of which can be found here.


Builtin is a member of Steadfast NZ. Steadfast insurance brokers have more than 80 offices located in communities across New Zealand. With operations in Australia also, Steadfast is the largest general insurance broker network in Australasia. By choosing Builtin you are supported by the strength of Steadfast, which manages 2.3 million policies for small to medium businesses. As part of the Steadfast network, we can often negotiate lower prices for clients. Plus, our knowledge of the insurance market cycle and our efficient claims advocacy can help us to keep your cover cost-effective over the years.

The Insurance Brokers Association of NZ Inc.

We are also a member of The Insurance Brokers Association of New Zealand Inc. (IBANZ), which is New Zealand’s professional body representing the interests of fire and general insurance brokers, risk managers and consumers in New Zealand. We adhere to the IBANZ Code of Professional Conduct. Further information can be obtained at www.ibanz.co.nz.