(1) Notwithstanding § 28-3-202, in the case of an injury to property or person or injury causing wrongful death, which injury occurred during the fourth year after substantial completion, an action, arbitration, or other binding dispute resolution proceeding to recover damages for the injury or wrongful death must be brought within one (1) year after the date on which the injury occurred, without respect to the date of death of the injured person.
(2) The action, arbitration, or other binding dispute resolution proceeding must, in all events, be brought within five (5) years after the substantial completion of the improvement.