(a) For actions covered under AS 09.45.881 — 09.45.899, a claimant may not begin an action against a construction professional unless the notice of claim under AS 09.45.881 is given within one year after the claimant discovers the defect that is the subject of the action, except that the action may not be begun more than 10 years after substantial completion of the dwelling construction or remodeling that contains or implements the alleged defect.
(b) A limitation imposed under this chapter for an action under AS 09.45.881 — 09.45.899 is tolled between the time the claimant serves notice under AS 09.45.881 and the time the claimant should reasonably understand that settlement under the procedures in AS 09.45.881 — 09.45.899 will not succeed.
(c) In this section, (1) “action,” “claim,” “construction professional,” and “dwelling” have the meanings given in AS 09.45.899;
(2) “substantial completion” means the date when the construction or remodeling is sufficiently completed to allow the owner of the dwelling or a person authorized by the owner to use or occupy the dwelling or the improvement to the dwelling in the manner for which the dwelling or improvement was intended.