Police have charged two directors at an NT building company over allegations related to Defence Department contracts, forcing insurers to review possible repercussions.

Michael John Buckley appeared at Darwin Local Court on November 17 charged with obtaining a financial advantage by deception.

Jessica Buckley appeared on November 21 charged with obtaining a gain, in contravention of the Commonwealth Criminal Code Act.

The matters were adjourned to February 17, with no pleas entered. Both are directors of M+J Builders.

Federal police are leading a joint agency investigation after a report from the Defence Department relating to irregularities in the awarding of contracts with a value of almost $71 million.

A Commonwealth employee and his spouse have also been charged.

Allianz-owned Territory Insurance Office says it works with a broad panel of builders to meet repair needs efficiently and reliably.

“TIO is aware of the media reports around the directors of M+J Builders and is conducting a thorough review,” a spokesperson told insuranceNEWS.com.au. “Our current focus is on limiting any potential impact to our customers.”  

QBE says it is reviewing its dealings with M+J Builders and will continue to monitor the situation closely.

“As this matter is currently the subject of a police investigation, we are unable to provide further comment at this time,” a spokesperson said.