Every contract of insurance required by Part 6 must be of a kind approved by the Authority and issued by the Self Insurance Corporation or another licensed insurer; provide cover not less than the prescribed amount (a clause referring to the minimum means the minimum when the contract is made); keep any limitations, excesses (not above the prescribed maximum) and other terms within the regulations. It must cover non-completion loss for at least 12 months after failure to commence or cessation of work, and other loss for at least 6 years after completion for a major defect and 2 years otherwise (construction period contracts: 12 months after failure to commence or cessation), subject to Authority-approved shorter periods for specified work and regulation variations. The policy must not allow the insurer to refuse a claim or cancel cover because the building contract predates the period of insurance where a certificate was given or cover otherwise accepted.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.