"Builder’s warranty" means a warranty issued or purchased by or on behalf of a contractor for the protection of a claimant. The term:
1. Includes a warranty contract issued by or on behalf of a contractor whose liability pursuant to the warranty contract is subsequently insured 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.
2. Does not include a policy of insurance for home protection as defined in NRS 690B.100 or a service contract as defined in NRS 690C.080.
(Added to NRS by 1995, 2540; A 1997, 2717; 1999, 1440; 2019, 2259) — (Substituted in revision for NRS 40.625)