HOME BUILDING ACT 1989 - SECT 104B
Alternative indemnity product may be used instead of insurance
HOME BUILDING ACT 1989 - SECT 104B
Alternative indemnity product may be used instead of insurance
104B Alternative indemnity product may be used instead of insurance
(1) A person who does residential building work and who obtains cover by means
of an alternative indemnity product that complies with an approval of the
Authority, this Part and regulations made under this Part is taken to have
complied with any applicable requirement that a contract of insurance under
Part 6 must be in force in relation to the building work.
(2) Evidence of
cover by means of an alternative indemnity product, in the form approved by
the Authority, is taken to be evidence of a contract of insurance (including a
certificate of insurance) for the purposes of this Act or the regulations.
(3) Sections 90, 92(5), 92A, 92C, 94, 95, 96(4), 96A(1A), 99(2A)-(3), 100(2),
101, 101A, 102 (other than subsection (1)), 102A, 103C-103E and 103EA apply to
or in respect of an alternative indemnity product in the same way as they
apply to or in respect of a contract of insurance, subject to any necessary
modifications.
(4) The regulations may modify the application of the
provisions referred to in subsection (3) to an alternative indemnity product.
Note : Providers are required to be licensed under Part 6C.
