NSW passes laws for 10-year insurance policy for apartment defects
NSW has passed legislation introducing a 10-year insurance policy for apartment owners covering major structural defects. It is described as a first-of-its-kind policy in Australia.
10-year insurance policy covering major structural defects in apartments — a first for any Australian state or territory.
How will NSW's new 10-year apartment defect insurance law affect my building work?
Builders and contractors working on NSW apartment projects will face new insurance obligations that could affect project costs and compliance requirements.
Key takeaways
- NSW passed the Fair Trading and Building Legislation Amendment Bill into law.
- The law introduces a 10-year insurance policy for apartment owners covering structural defects.
- It is the first scheme of its kind in Australia.
- Builders working on NSW apartment projects will need to understand new insurance obligations.
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