17Amount of cover and related matters

17 Amount of cover and related matters In relation to the amount of cover to be provided for financial loss, the policy must: (a) provide a minimum amount of cover of $200 000 in total for the guaranteed work; and (b) provide that if the total contracted price for the guaranteed work is varied by an increase or decrease of more than 5%, the builder must apply to the insurer for a reassessment of the amount of cover; and (c) limit the cover for non-completion of the guaranteed work to an amount not less than 20% of the total contracted price for the work; and

Chapter 2 Authorised RBI policies Part 2.2 Claim under policy Building (RBI and Fidelity Fund Schemes) Regulations 2012 12 (d) provide for cover for defective guaranteed work up to the maximum amount payable under the policy less any amount that may have been paid for non-completion of the guaranteed work.