404. Insurance against structural defects.

The majority of new residential properties are offered for sale with the benefit of structural defects insurance, which provides the buyer and his successors in title with insurance against structural defects in the property for a number of years after completion of the building1. The contract will normally provide for the policy to be obtained by the seller and at his expense, with the appropriate insurance policy and other documentation being supplied to the buyer on or before completion2. The cover may not take effect until the acceptance form is returned to the insurance provider. Most mortgage lenders make