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HOME BUILDING ACT 1989 - SECT 103BC
Limits on claims
103BC Limits on claims
(1) Despite any other provision of this Act, a contract of insurance entered
into under this Part before, on or after 1 July 2010 does not in any
circumstances provide insurance cover in respect of loss unless a claim in
respect of the loss is made to the insurer within 10 years after the work
insured was completed. Note--: Section 3B provides for the date of completion
of residential building work.
(2) This section does not operate to extend any
period of insurance.
(3) Except as provided by subsection (5), a contract of
insurance under this Part does not in any circumstances provide cover in
respect of a loss arising from a breach of statutory warranty if a claim has
already been made to and paid by the insurer or another insurer (whether under
the same or a different contract of insurance) or a provider of cover under
Part 6B in respect of that breach to the person or a predecessor in title of
the person making the claim.
(4) Except as provided by subsection (5), a
mortgagee in possession of a lot on which there is building work that is
subject to a contract of insurance under this Part is not entitled to the
benefit of that contract.
(5) A contract of insurance may provide cover in
the circumstances specified in subsection (3) or (4) if the contract expressly
provides for cover in the circumstances specified in the subsection.
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