Time limit for making claims
62ZW Time limit for making claims
An alternative indemnity contract does not in any circumstances provide specialised insurance cover in respect of loss unless a claim in respect of the loss is made to the provider within 10 years after the work indemnified was completed.
Note.
Section 3B of the Act provides for the date of completion of residential building work.
This clause does not operate to extend any period of specialised insurance cover.
Except as provided by subclause (5), an alternative indemnity contract does not in any circumstances provide specialised insurance 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 provider or another provider (whether under the same or a different alternative indemnity contract to provide cover by means of an alternative indemnity product) or by a contract of insurance under Part 6 of the Act.
Except as provided by subclause (5), a mortgagee in possession of a lot on which there is building work that is subject to cover by means of an alternative indemnity product is not entitled to the benefit of that contract.
An alternative indemnity contract may provide cover in the circumstances specified in subclause (3) or (4) if the contract expressly provides for cover in the circumstances specified in the subclause.
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