Bond Assist is a Guarantee issued by CBL Insurance Limited in favour of the landlord and paid for by the tenant. You can ask your tenant to purchase this Guarantee in place of bond or in addition to bond.
The Guarantee policy covers breach of the Residential Tenancy Agreement by the Tenant(s) up to the maximum liability amount shown on the Guarantee Certificate. This includes, but is not limited to:
The Guarantee can be called upon at the end of the tenancy by completing a claim form and attaching a Mediated or Adjudicated Tribunal order to support the amount claimed. The requirement of a Tribunal Order may be waived if the tenant is in agreement or GNA.
It is important that Landlords manage their properties professionally, within legislation and in good faith. Landlords need to:
House Insurance with Landlord Extension
BondAssist coexists comfortably with House Insurance that includes Landlord Extension. In the event of a claim against your House Insurance Policy you will find that you call on BondAssist in the first instance as if it was Bond, with your House Insurance providing additional cover where the claim exceeds the maximum liability under BondAssist.
Using BondAssist midway through a tenancy
BondAssist can be used midway through a tenancy to either add additional bond cover or to swap out existing bond held by the Department of Building and Housing for the benefit of the tenant.
The tenant will be subject to normal credit criteria with the landlord to sign a declaration that at the time of purchasing BondAssist the property has been inspected with no outstanding property repairs and all rent is paid up to date.
Please refer to Policy Document for full terms and conditions.