New South Wales Consolidated Regulations

HOME BUILDING REGULATION 2014 - REG 45

45 Minimum insurance cover

(1) For the purposes of section 102 (3) of the Act, the amount prescribed is--

(a) in the case of a construction period insurance contract--$340,000 in relation to each dwelling to which the insurance relates, or

(b) in the case of a warranty period insurance contract--$340,000 in relation to each dwelling to which the insurance relates, or

(c) in the case of any other contract of insurance in relation to residential building work that is required by section 92 of the Act--$340,000 in relation to each dwelling to which the insurance relates, or

(d) in the case of any other contract of insurance in relation to residential building work that is required by section 96 of the Act--$340,000 in relation to each dwelling to which the insurance relates.

(1A) Subclause (1) is subject to clause 46.

(2) An insurance contract must provide (and is taken to provide) that the minimum amount of cover payable is to be the amount provided for from time to time by the Act and this Regulation.

(3) Subclause (2) does not prevent an insurance contract from providing for a minimum amount of cover that exceeds the amount referred to in that subclause.

(4) An insurance contract that is entered into using any existing stock is taken to refer to the amount of cover that is, for the time being, the amount provided by or under this clause.

(5) For the purposes of this clause,
"existing stock" means a form that--

(a) has been printed before the date of any increase in the amount of cover provided by or under this clause, and

(b) refers to the amount of cover provided by or under this clause immediately before that date.