Corporations Regulations 2001
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
For subparagraph 761G(5) (b)(ii) of the Act, a home building insurance product is a contract or part of a contract that provides insurance cover (whether or not the cover is limited or restricted in any way) in respect of destruction of or damage to a home building.
A home building insurance product does not include insurance entered into, or proposed to be entered into, for the purposes of a law (including a law of a State or Territory) that relates to building or construction work in relation to a home building.
In this regulation:
(a) a building used, or intended to be used, principally and primarily as a place of residence; and
(b) out-buildings, fixtures and structural improvements used for domestic purposes, being purposes related to the use of the principal residence;
on the site and, without limiting the generality of the expression, includes:
(c) fixed wall coverings, fixed ceiling coverings and fixed floor coverings (other than carpets); and
(d) services (whether underground or not) that are the property of the insured or that the insured is liable to repair or replace or pay the cost of repairing and replacing; and
(e) fences and gates wholly or partly on the site.
site
, in relation to a building, means the site specified in the relevant contract of insurance as the site on which the building is situated.
A home building does not include:
(a) a hotel; or
(b) a motel; or
(c) a boarding house; or
(d) a building that:
(i) is in the course of construction; and
(ii) is being constructed by the insured, or an intending insured, in the course of a construction business; or
(e) a temporary building or structure or a demountable or moveable structure; or
(f) a caravan (whether fixed to the site or not).
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