Alternative indemnity product may be used instead of insurance
104B Alternative indemnity product may be used instead of insurance
A person who does residential building work and who obtains cover by means of an alternative indemnity product that complies with an approval of the Authority, this Part and regulations made under this Part is taken to have complied with any applicable requirement that a contract of insurance under Part 6 must be in force in relation to the building work.
Evidence of cover by means of an alternative indemnity product, in the form approved by the Authority, is taken to be evidence of a contract of insurance (including a certificate of insurance) for the purposes of this Act or the regulations.
Sections 90, 92(5), 92A, 92C, 94, 95, 96(4), 96A(1A), 99(2A)–(3), 100(2), 101, 101A, 102 (other than subsection (1)), 102A, 103C–103E and 103EA apply to or in respect of an alternative indemnity product in the same way as they apply to or in respect of a contract of insurance, subject to any necessary modifications.
The regulations may modify the application of the provisions referred to in subsection (3) to an alternative indemnity product.
Note.
Providers are required to be licensed under Part 6C.
This provision refers to the regulations (the regulations
). Made under this Act:
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