Validation of insurance exclusions concerning developers
52 Validation of insurance exclusions concerning developers
Any relevant exclusionary provision that would have been a valid provision of a contract of insurance had section 99(2) of this Act (as inserted by Schedule 1[5] to the amending Act) been in force at the time the contract was made is taken to have been a valid provision of the contract at the time the contract was made and at all relevant times after the contract was made.
Subclause (1) applies to proceedings before a court or tribunal that are pending at the commencement of this clause. Accordingly, the rights of the parties to such proceedings are to be determined in accordance with subclause (1).
Subclause (1) does not affect the judgment of the Supreme Court in HIH v Jones[2000] NSWSC 359, or any other proceedings that have been determined by a court or tribunal before the commencement of this clause, as between the parties to those proceedings.
In this clause—
relevant exclusionary provision means a provision of a contract of insurance in relation to residential building work made during the relevant period in accordance with section 92 of the Act that excluded or purported to exclude a developer referred to in section 3A of this Act from making claims under the contract.
relevant period means the period commencing on 1 May 1997 and ending on the day immediately before the commencement of Schedule 1[5] to the amending Act, inclusive.
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