Commonwealth Consolidated Regulations

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Meaning of retail client and wholesale client: home building insurance product

             (1)  For subparagraph 761G(5)(b)(ii) of the Act, a home building insurance product is a contract or part of a contract that provides insurance cover (whether or not the cover is limited or restricted in any way) in respect of destruction of or damage to a home building.

             (2)  A home building insurance product does not include insurance entered into, or proposed to be entered into, for the purposes of a law (including a law of a State or Territory) that relates to building or construction work in relation to a home building.

             (3)  In this regulation:

"home building" means:

                     (a)  a building used, or intended to be used, principally and primarily as a place of residence; and

                     (b)  out-buildings, fixtures and structural improvements used for domestic purposes, being purposes related to the use of the principal residence;

on the site and, without limiting the generality of the expression, includes:

                     (c)  fixed wall coverings, fixed ceiling coverings and fixed floor coverings (other than carpets); and

                     (d)  services (whether underground or not) that are the property of the insured or that the insured is liable to repair or replace or pay the cost of repairing and replacing; and

                     (e)  fences and gates wholly or partly on the site.

"site" , in relation to a building, means the site specified in the relevant contract of insurance as the site on which the building is situated.

             (4)  A home building does not include:

                     (a)  a hotel; or

                     (b)  a motel; or

                     (c)  a boarding house; or

                     (d)  a building that:

                              (i)  is in the course of construction; and

                             (ii)  is being constructed by the insured, or an intending insured, in the course of a construction business; or

                     (e)  a temporary building or structure or a demountable or moveable structure; or

                      (f)  a caravan (whether fixed to the site or not).

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