Economic loss—owners corporations and associations
38 Economic loss—owners corporations and associations
An owners corporation or an association is taken to suffer economic loss for the purposes of this Part if the corporation or association bears the cost of rectifying defects (including damage caused by defects) that are the subject of a breach of the duty of care imposed under this Part.
The economic loss suffered by an owners corporation or association for the purposes of subsection (1) includes the reasonable costs of providing alternative accommodation where necessary.
Subsection (1) applies whether or not the owners corporation or association was the owner of the land when the construction work was carried out.
Subsections (1) and (2) do not limit the economic loss for which an owners corporation, association or an owner may claim damages under this Part.
This Act’s bill:Explanatory memorandumSecond reading speech
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