NSW passes final law needed for 10-year apartment defect insurance
NSW has passed the final law needed to establish 10-year defect insurance for apartment owners. This completes the legislative framework required to roll out the scheme.
What does NSW's new 10-year apartment defect insurance law mean for builders?
Builders and developers in NSW will need to comply with new defect insurance requirements for apartment projects. This affects how residential construction contracts and liability are managed.
Key takeaways
- NSW has passed the final law needed to enable 10-year defect insurance for apartment owners.
- The legislation completes the full legal framework required to launch the insurance scheme.
- Builders and developers working on NSW apartments will be subject to the new requirements.
- The scheme is designed to protect apartment owners from building defects over a decade.
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