62ZURequirements for cover for residential flat buildings

#### 62ZU Requirements for cover for residential flat buildings 62ZU Requirements for cover for residential flat buildings > > (1) The minimum amount of cover for which an alternative indemnity contract must provide in relation to relevant residential flat building work is— > > > > > (a) if the amount obtained by dividing the contract price (inclusive of GST) by the number of dwellings in the building does not exceed $20,000— > > > > > > > (i) in the case of a construction period alternative indemnity contract—$340,000, or > > > > > > > (ii) in the case of a warranty period alternative indemnity contract—$340,000, or > > > > > > > (iii) in the case of any other alternative indemnity contract—$340,000, or > > > > > (b) if the amount obtained by dividing the contract price (inclusive of GST) by the number of dwellings in the building exceeds $20,000—provide for cover of no less than $340,000 in relation to each dwelling in the building— > > > > > > > (i) in the case of a construction period alternative indemnity contract—$340,000 in relation to each dwelling to which the alternative indemnity cover relates, or > > > > > > > (ii) in the case of a warranty period alternative indemnity contract—$340,000 in relation to each dwelling to which the alternative indemnity cover relates, or > > > > > > > (iii) in the case of any other alternative indemnity contract—$340,000. > > > (2) In this clause— > > > > dwelling, in relation to a strata, community scheme or company title home unit, includes any garage or storage area that is included in the same title as the unit. > > > > relevant residential flat building work means the following work in relation to an existing single building containing 2 or more dwellings where the contract price (inclusive of GST) exceeds $20,000— > > > > > (a) work on the common property of the existing single residential flat building (where the building comprises strata, community scheme or company title home units), > > > > > (b) work on an existing single residential flat building if the whole building is owned by the same person. > > **Parts 6B (cll 62A–62ZZC):** Ins 2017 (705), Sch 1 \[18\].