New South Wales Consolidated Regulations

HOME BUILDING REGULATION 2004 - REG 60

60 Minimum insurance cover

(1) For the purposes of section 102 (3) of the Act, the amount of $300,000 is prescribed (subject to subclause (2)).

(2) The Minister may from time to time, by notice published in the Gazette, increase the amount of cover as prescribed by subclause (1) that must be provided by an insurance contract.

(3) Any such increase:

(a) does not take effect until notice of the increase is published in the Gazette, and

(b) must not increase the amount of cover by a percentage greater than the percentage increase in the Producer Price Indexes, Australia (as published by the Australian Bureau of Statistics) since the amount was last increased.

(4) An insurance contract must 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.

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

(6) 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.

(7) For the purposes of subclause (6), "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.