Queensland Consolidated Acts Queensland Consolidated Acts(1) Subsection (2) applies to residential construction work carried out under a contract with a consumer where the work is not managed under a construction management contract.
(2) A policy of insurance for the work, in the terms stated in the board's policies, comes into force on the earliest of the following to happen--
(a) when a licensed contractor pays the appropriate insurance premium for the work under section 68;
(b) on the date a contract between a building contractor and a consumer is entered into for the work;
(c) when a building contractor commences the work.
(3) Subsection (4) applies to speculative residential construction work.
(4) A policy of insurance for the work, in the terms stated in the board's policies, comes into force on the earlier of the following to happen--
(a) when the licensed contractor who is to carry out the work pays the appropriate insurance premium for the work under section 68;
(b) when the contractor commences the work.
(5) Subsection (6) applies to residential construction work if the work is managed by a construction manager under a construction management contract.
(6) A policy of insurance for the work, in the terms stated in the board's policies, comes into force on the earlier of the following to happen--
(a) when the construction manager pays the appropriate insurance premium for the work under section 68;
(b) when a building contractor commences the work.