sec.67ZOptional additional cover

### sec.67Z Optional additional cover A consumer may obtain optional additional cover for residential construction work if a licensed contractor paid an insurance premium for the work under section 68B (2) . A licensed contractor who carries out speculative residential construction work may obtain optional additional cover for the work if the contractor paid an insurance premium for the work under section 68B (3) . However, optional additional cover is only obtainable by paying the insurance premium— for a consumer—by the earlier of the following— 30 business days after the day the consumer enters the relevant contract; the day the residential construction work, to be carried out under the relevant contract, starts; or for a licensed contractor who carries out speculative residential construction work—before the work starts. A regulation may provide for other matters relating to optional additional cover, including, for example— the circumstances under which a person is entitled to optional additional cover; or any limitations or exclusions that may apply in relation to optional additional cover. In this section— optional additional cover means additional assistance provided to a person, or the additional compensation to be paid under the statutory insurance scheme, as prescribed by regulation. relevant contract , for a consumer, means a contract with a licensed contractor for residential construction work. s 67Z ins 2014 No. 57 s 36 (sec.67Z-ssec.1) A consumer may obtain optional additional cover for residential construction work if a licensed contractor paid an insurance premium for the work under section 68B (2) . (sec.67Z-ssec.2) A licensed contractor who carries out speculative residential construction work may obtain optional additional cover for the work if the contractor paid an insurance premium for the work under section 68B (3) . (sec.67Z-ssec.3) However, optional additional cover is only obtainable by paying the insurance premium— for a consumer—by the earlier of the following— 30 business days after the day the consumer enters the relevant contract; the day the residential construction work, to be carried out under the relevant contract, starts; or for a licensed contractor who carries out speculative residential construction work—before the work starts. (sec.67Z-ssec.4) A regulation may provide for other matters relating to optional additional cover, including, for example— the circumstances under which a person is entitled to optional additional cover; or any limitations or exclusions that may apply in relation to optional additional cover. (sec.67Z-ssec.5) In this section— optional additional cover means additional assistance provided to a person, or the additional compensation to be paid under the statutory insurance scheme, as prescribed by regulation. relevant contract , for a consumer, means a contract with a licensed contractor for residential construction work. s 67Z ins 2014 No. 57 s 36 - (a) for a consumer—by the earlier of the following— (i) 30 business days after the day the consumer enters the relevant contract; (ii) the day the residential construction work, to be carried out under the relevant contract, starts; or - (i) 30 business days after the day the consumer enters the relevant contract; - (ii) the day the residential construction work, to be carried out under the relevant contract, starts; or - (b) for a licensed contractor who carries out speculative residential construction work—before the work starts. - (i) 30 business days after the day the consumer enters the relevant contract; - (ii) the day the residential construction work, to be carried out under the relevant contract, starts; or - (a) the circumstances under which a person is entitled to optional additional cover; or - (b) any limitations or exclusions that may apply in relation to optional additional cover.