New South Wales Consolidated Regulations

HOME BUILDING REGULATION 2014 - REG 62ZT

62ZT Minimum cover

(1) An alternative indemnity contract must provide cover of no less than--

(a) in the case of a construction period alternative indemnity contract--$340,000 in relation to each dwelling to which the fidelity fund cover relates, or

(b) in the case of a warranty period alternative indemnity contract--$340,000 in relation to each dwelling to which the fidelity fund cover relates, or

(c) in the case of any other alternative indemnity contract 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 fidelity fund cover relates, or

(d) in the case of any other alternative indemnity contract 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 fidelity fund cover relates.

(2) Subclause (1) is subject to clause 62ZU.

(3) An alternative indemnity 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.

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