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Domestic Building Insurance is required by all Domestic Builders who enter into Domestic Building contracts in which the contract price for the building work is more than $12,000. Insurance provides important protection for building consumers, in the event that a builder dies, becomes insolvent or disappears, and can't finish the building project or fix defects.
The Domestic Building Insurance Ministerial Order (No. S 98 Friday 23 May 2003) specifies the insurance policy required.