40.625 - “Homeowner’s warranty” defined. - Nevada Statutes

40.625  “Homeowner’s warranty” defined.  “Homeowner’s warranty” means a warranty or policy of insurance:

      1.  Issued or purchased by or on behalf of a contractor for the protection of a claimant; or

      2.  Purchased by or on behalf of a claimant pursuant to NRS 690B.100 to 690B.180, inclusive.

Ê The term includes a warranty contract issued by a risk retention group that operates in compliance with chapter 695E of NRS and insures all or any part of the liability of a contractor for the cost to repair a constructional defect in a residence.

      (Added to NRS by 1995, 2540; A 1997, 2717; 1999, 1440)