14Financial loss to be covered by policy

14 Financial loss to be covered by policy (1) The policy must indemnify the beneficiary against financial loss incurred because of defective guaranteed work (including defective design work under a contract) or the non-completion of guaranteed work. (2) The policy must cover financial loss incurred in relation to any of the following: (a) the costs of removal, and of alternative accommodation and storage for a period not exceeding 60 calendar days, reasonably incurred as a result of the defective guaranteed work or non-completion of the work; (b) subject to regulation 15(1)(a) – the loss of a deposit or progress payment under a contract relating to the work; (c) legal or other reasonable costs incurred in seeking to have a builder rectify or complete the work; (d) an increase in costs for rectification of the work caused by the passage of time; (e) any acts or omissions of persons engaged as contractors by the builder in relation to the work; (f) any additional reasonable costs associated with engaging another builder to rectify or complete the work (excluding the costs associated with the work carried out by that builder).