New South Wales Consolidated Acts

HOME BUILDING ACT 1989 - SECT 102

102 General requirements for insurance

(1) This section applies to all contracts of insurance required to be entered into by or under this Part.

(2) The insurance must be of a kind approved by the Authority and be provided by the Self Insurance Corporation or another licensed insurer.

(3) The contract of insurance must provide for cover of not less than the amount prescribed by the regulations for the purposes of this subsection.

(3A) A provision of a contract of insurance to the effect that the amount of cover provided by the contract is the minimum amount provided for from time to time by this Act or the regulations is to be read as providing that the amount of cover provided is the minimum amount provided for by this Act or the regulations at the time the contract is entered into.

(4) Any limitations on liability under the contract of insurance must comply with any requirements of the regulations.

(5) The contract of insurance must comply with any other requirements of the regulations.

(5A) A contract of insurance may provide for additional matters that are not inconsistent with this Act or any requirements of regulations made under this Act. Without limiting this subsection, the regulations may provide examples of additional matters that may be provided for.

(6) A contract of insurance may provide that the insurer is not liable for such amount of each claim as is specified in the contract. The amount specified is not to exceed the amount prescribed by the regulations as the maximum excess.

(7) The regulations may make provision for or with respect to requiring the retention, at a place prescribed by the regulations, of copies of contracts of insurance required to be entered into by or under this Part.

(8) Nothing in this Part prevents a contract of insurance entered into under this Part from also providing insurance cover for--

(a) loss arising in additional circumstances to those required under this Part, or

(b) risks, or loss, that is in addition to the risks, or loss, required to be covered under this Part.