What does Statute of Repose mean? Read on to discover the definition & meaning of the term Statute of Repose - to help you better understand the language used in insurance policies.
Statute of Repose
A law that cuts off a right of action after a specified time period has elapsed, regardless of when the cause of action accrues. Most states have statutes of repose specific to construction projects that prohibit claims for construction defect beyond a specified number of years after the construction is completed. These statutes vary widely with regard to the limitation periods, what is covered, and whom the statute protects. A statute of repose differs from a statute of limitation in that the time periods specified in statutes of limitations usually do not begin to run until the injury or damage actually occurs, irrespective of when the work was performed or the product was sold.
We hope the you have a better understanding of the meaning of Statute of Repose.