103BATime limits for policies issued between 1.5.1997 and 30.6.2002

103BA Time limits for policies issued between 1.5.1997 and 30.6.2002

103BA Time limits for policies issued between 1.5.1997 and 30.6.2002

(1) A contract of insurance under the Home Building Compensation Fund entered into on or after 1 May 1997 and before 1 July 2002 provides insurance cover in respect of loss only if a claim in respect of the loss is made to the insurer during the period of insurance.

(2) A loss that becomes apparent in the last 6 months of the period of insurance has an extended claim period, which permits a claim in respect of the loss to be made within 6 months after the loss becomes apparent. There is no extended claim period for a loss that arises from non-completion of work.

(3) For the purposes of this section and section 103BB, a loss becomes apparent when a beneficiary under the contract of insurance first becomes aware (or ought reasonably to have become aware) of the loss.

(4) In this section and sections 103BB and 103BC—

loss means loss indemnified by a contract of insurance under Part 6.

period of insurance means the period for which a contract of insurance under Part 6 provides cover.

s 103BA: Ins 2009 No 24, Sch 1 [3]. Subst 2011 No 52, Sch 1 [27]. Am 2014 No 24, Sch 1 [100]; 2017 No 28, Sch 1 [2].