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HOME BUILDING ACT 1989 - SECT 103I
Indemnity
103I Indemnity
(1) Subject to this Part, the State must indemnify any person-- (a) who is
entitled to recover an amount under a contract of insurance entered into under
Part 6 in connection with any matter, and
(b) who is covered by an
insolvent insurer's policy,
to the extent of the amount that the person is
entitled to recover under that policy in connection with that matter.
(2) The
following provisions apply to that indemnity-- (a) the builder to which the
policy relates is not entitled to the indemnity,
(b) a developer to which the
policy relates, or a company related, within the meaning of the Corporations
Law , to a developer, is not entitled to the indemnity,
(c) the indemnity
does not apply in connection with any matter that is covered by another
contract of insurance that is not an insolvent insurer's policy,
(d) the
indemnity does not apply in connection with any matter if a claim has been
made under an insolvent insurer's policy in respect of the matter and payment
in full has been received by the claimant or the matter has been otherwise
settled,
(e) the indemnity does not apply in connection with any matter if--
(i) a claim in respect of the matter has been determined by the Tribunal or a
court not to be a valid claim under an insolvent insurer's policy, and
(ii)
the claimant is not entitled to bring any further proceedings to appeal
against or seek a review of that determination,
(f) unless the regulations
otherwise provide, the indemnity does not apply in connection with any matter
covered by an insolvent insurer's policy issued by HIH Casualty and General
Insurance Limited or FAI General Insurance Company Limited if-- (i) in a case
where section 92 or 93 required a person to be provided with a certificate of
insurance evidencing the insolvent insurer's policy--the certificate of
insurance relating to the matter was provided to the person after 20 June
2001, or
(ii) in a case where an owner-builder obtained a certificate of
insurance evidencing the insolvent insurer's policy in order to comply with
the requirements of section 95--the certificate of insurance relating to the
matter was provided to the owner-builder after 15 March 2001, or
(iii) in a
case where section 96(1) required a person to ensure a contract of insurance
was in force to enable the person to do residential building work--the
certificate of insurance evidencing the insolvent insurer's policy relating to
the work was issued, or the work commenced, or both, after 20 June 2001,
(g)
the indemnity does not apply in connection with any matter or other
circumstance prescribed by the regulations.
(3) If a claim has been made
under an insolvent insurer's policy in connection with any matter and
settlement has been reached or a determination has been made by the Tribunal
or a court in respect of the claim-- (a) the amount for which an indemnity is
provided by the State under this section in connection with that matter is the
amount so agreed in the settlement or determined by the Tribunal or the court,
and
(b) the amount for which an indemnity is provided by the State under this
section in connection with that matter is reduced by any amount paid by the
insolvent insurer or a liquidator of the insolvent insurer to the claimant in
respect of the claim on the insolvent insurer's policy.
Note : The person who
is covered by the indemnity under this section is called the
"beneficiary" in this Part (see section 103F).
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