New South Wales Consolidated Regulations

HOME BUILDING REGULATION 2014 - REG 37

37 Beneficiaries

(1) An insurance contract must provide that the beneficiaries under the contract are--

(a) a person on whose behalf residential building work covered by the contract is done or is to be done, or

(b) a person who is a purchaser of land on which work required by Part 6 of the Act to be insured, and covered by the contract, is done, or

(c) a successor in title to any person referred to in paragraph (a) or (b).

(2) The following persons are not required to be beneficiaries under an insurance contract--

(a) a developer who does residential building work,

(b) a person who does residential building work other than under a contract,

(c) a holder of a contractor licence who carried out residential building work,

(d) related companies, within the meaning of section 50 of the Corporations Act 2001 of the Commonwealth, to any corporate person referred to in paragraph (a), (b) or (c),

(e) a body corporate that is related, within the meaning of section 50 of the Corporations Act 2001 of the Commonwealth, to any corporate person referred to in paragraph (a), (b) or (c),

(f) a body corporate that is a related party, within the meaning of section 228 of the Corporations Act 2001 of the Commonwealth, of any corporate person referred to in paragraph (a), (b) or (c).

(3) Nothing in this clause prevents a person referred to in subclause (2) from being a beneficiary under an insurance contract.

(4) For the purposes of this clause, the owner or owners of common property the subject of work referred to in Part 6 of the Act are taken to be purchasers of the land on which the common property is situated.