62VTime limit for making claims

#### 62V Time limit for making claims 62V Time limit for making claims > > (1) An alternative indemnity contract does not in any circumstances provide cover in respect of loss unless a claim in respect of the loss is made to the provider within 10 years after the work indemnified was completed. > > > > Note. > > > > Section 3B of the Act provides for the date of completion of residential building work. > > > (2) This clause does not operate to extend any period of cover. > > > (3) Except as provided by subclause (5), an alternative indemnity contract does not in any circumstances provide cover in respect of a loss arising from a breach of statutory warranty if a claim has already been made to and paid by the provider or another provider (whether under the same or a different alternative indemnity contract to provide cover by means of an alternative indemnity product) or by a contract of insurance under Part 6 of the Act. > > > (4) Except as provided by subclause (5), a mortgagee in possession of a lot on which there is building work that is subject to cover by means of an alternative indemnity product is not entitled to the benefit of that contract. > > > (5) An alternative indemnity contract may provide cover in the circumstances specified in subclause (3) or (4) if the contract expressly provides for cover in the circumstances specified in the subclause. > > **Parts 6B (cll 62A–62ZZC):** Ins 2017 (705), Sch 1 \[18\].