33Prescribed contracts

#### 33 Prescribed contracts (1) For the purposes of section 37A of the Act, the following classes of contracts of insurance are declared to be classes of contracts in relation to which Division 1A of Part V of the Act applies: (a) home building insurance contracts; (b) home contents insurance contracts; (c) insurance contracts that combine home building insurance and home contents insurance; (d) contracts that provide insurance cover (whether or not the cover is limited or restricted in any way) in respect of destruction of, or damage to, a strata title residence; (e) contracts that provide insurance cover (whether or not the cover is limited or restricted in any way) in respect of the loss of the equipment, stock, inventory or premises of a small business; (f) contracts that provide insurance cover (whether or not the cover is limited or restricted in any way) in respect of damage to the equipment, stock, inventory or premises of a small business. > Note 1: Division 1A of Part V of the Act refers to these contracts as prescribed contracts. > Note 2: For the meaning of small business, see section 35. (2) However, subsection (1) does not apply to a contract that is arranged by an insurance broker who is acting as an agent of the insured. (3) In this section: > strata title residence means a residence to which the following apply: (a) the portion of land on which the residence is located exists as the result of the subdivision of the title to a larger portion of land into separate titles for use for residential purposes; (b) property that is common between the residence and one or more other portions of land is managed by a single body corporate (however described); Example: An “owners corporation”. (c) the title to the portion of land on which the residence is located is regulated under the law of the State or Territory in which the land is located as a “strata title”, a “community title” or another description that refers to the title being created as described in paragraphs (a) and (b).