Consumer Building Guide NSW- Contract Contents – Insurance & Statutory warranties
Insurance
For work under $20,000 home warranty insurance is not required. There must be a statement on the contract about the builder or tradesperson’s legal requirement to have a current home warranty insurance (HOW)> home building compensation fund ( HBCF) policy if the work is for more than $20,000.
The builder or tradesperson must provide you with a certificate of insurance before
receiving any money (including a deposit) or before doing any work if the work is for more than $20,000. If a contract starts below $20,000 and reaches $20,000 during the course of work home warranty insurance is required. If the licensee does not give you a certificate of insurance and one is required, contact Fair Trading. You can check the validity of the certificate of insurance by contacting the home warranty insurer whose contact details appear on the certificate. Contact details for insurers are also available on the Fair Trading website.
Statutory Warranties
Relevant statutory warranties (guarantees about the performance of the work being done) are required by the Home Building Act 1989 ( as amended).
Statutory warranties set out your entitlements under the contract. Even if the contract
does not contain the list of warranties, they are implied under the law.
It is now 15/11/2022 and I only just found out there are changes on 1/1/2023.
Reference- NSW Fair Trading viewed 15/2/12, image source google
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