New South Wales Consolidated Acts New South Wales Consolidated ActsA contract of insurance in relation to owner-builder work or residential building work required by section 95 or 96 must insure a purchaser of the land on which the work is done and the purchaser’s successors in title against the risk of being unable, because of the insolvency, death or disappearance of the owner-builder or contractor concerned:
(a) to recover compensation from the owner-builder or contractor for a breach of a statutory warranty in respect of the work, or
(b) to have the owner-builder or contractor rectify any such breach.