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HOME BUILDING REGULATION 2014 - REG 62T
Requirements for cover for residential flat buildings
62T Requirements for cover for residential flat buildings
(1) The minimum amount of cover for which an alternative indemnity contract
must provide in relation to relevant residential flat building work is-- (a)
if the amount obtained by dividing the contract price (inclusive of GST) by
the number of dwellings in the building does not exceed $20,000-- (i) in the
case of a construction period fidelity fund contract--$340,000, or
(ii) in
the case of a warranty period fidelity fund contract--$340,000, or
(iii) in
the case of any other alternative indemnity contract--$340,000, or
(b) if the
amount obtained by dividing the contract price (inclusive of GST) by the
number of dwellings in the building exceeds $20,000--provide for cover of no
less than $340,000 in relation to each dwelling in the building-- (i) in the
case of a construction period fidelity fund contract--$340,000 in relation to
each dwelling to which the fidelity fund cover relates, or
(ii) in the case
of a warranty period fidelity fund contract--$340,000 in relation to each
dwelling to which the fidelity fund cover relates, or
(iii) in the case of
any other alternative indemnity contract--$340,000.
(2) In this clause--
"dwelling" , in relation to a strata, community scheme or company title home
unit, includes any garage or storage area that is included in the same title
as the unit.
"relevant residential flat building work" means the following work in relation
to an existing single building containing 2 or more dwellings where the
contract price (inclusive of GST) exceeds $20,000-- (a) work on the
common property of the existing single residential flat building (where the
building comprises strata, community scheme or company title home units),
(b)
work on an existing single residential flat building if the whole building is
owned by the same person.
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