Insurance & Building Glossary
Plain-English definitions of insurance claims and building terminology. Australian context.
A
Assessmate
Oxide Construct's proprietary claims management platform that powers every stage of the insurance repair process, from initial assessment through to final invoicing and sign-off.
oxide-specificAustralian Financial Complaints Authority
AFCA is the independent external dispute resolution scheme for financial services complaints in Australia, including disputes with insurance companies about claim decisions, delays, and service quality.
regulatoryC
Cash Settlement
A lump sum payment made by the insurer directly to the policyholder instead of arranging managed repairs. The policyholder then organises and pays for repairs independently.
insuranceCertificate of Occupancy
An official certificate issued by the relevant building surveyor confirming that a building complies with the approved plans, applicable building standards, and is suitable for occupation.
constructionD
Defects Liability Period
A warranty period following practical completion during which the builder is obligated to rectify any defects in workmanship or materials at no additional cost.
constructionDomestic Building Insurance
Mandatory warranty insurance required in Victoria for domestic building work valued over $16,000. It protects homeowners if the builder fails to complete the work or rectify defects.
regulatoryP
Period of Insurance
The specific time frame during which your insurance policy provides cover. Claims can only be made for events that occur within this period.
insurancePolicy Excess
The specific excess structure detailed in your Product Disclosure Statement, including basic, voluntary, imposed, and event-specific excess components that determine your total out-of-pocket contribution for a claim.
insurancePractical Completion
The stage in a building project when the work is substantially complete and the property can be used for its intended purpose, even though minor defects or omissions may remain.
constructionS
Scope of Works
A detailed document specifying every repair task, material, and finish required to restore a damaged property to its pre-loss condition. It forms the basis of the insurance claim approval and repair agreement.
insuranceScope of Works (Construction)
In a building context, the scope of works is the detailed specification document that defines every element of the construction or repair project, including materials, methods, standards, and completion criteria.
constructionSubrogation
The legal right of an insurer to pursue a third party who caused the insured loss, recovering the claim costs from the responsible party on behalf of the policyholder.
insuranceSum Insured
The maximum amount an insurer will pay to repair or rebuild your home under a building insurance policy. It represents the total replacement value of the insured property.
insuranceV
Variation
A change to the original scope of works during a building or repair project, typically involving additional work, different materials, or altered specifications. Variations require formal approval and may affect the project cost and timeline.
constructionVictorian Building Authority
The VBA is the statutory authority responsible for regulating the building and plumbing industries in Victoria. It registers practitioners, issues permits, and enforces compliance with building legislation.
regulatory