(a) No action in tort, contract, or otherwise shall be commenced against any person performing or furnishing the design, planning, supervision, or observation of construction or the construction of an improvement to real property more than seven years after the substantial completion of such improvement for the recovery of damages for:
(1) Any deficiency in the design, planning, supervision, or observation of construction or construction of such an improvement; or
(2) Injury to real or personal property caused by any such deficiency; or
(3) Injury to or wrongful death of a person caused by any such deficiency.
(b) The prohibition provided in this section shall apply to any action commenced against a person for his own act, or failure to act, or for the act, or failure to act, of his employees; likewise, the prohibition contained in this section shall extend to every demand, whether commenced by direct action or for contribution or indemnity or by third-party practice and whether commenced by an owner of the subject improvement or by any other person.
(c) Where an action for damage for wrongful death or injury to a person or damages to property, caused by any deficiency in an improvement to real property, is commenced against a person in actual possession or control as owner, tenant, or otherwise of such improvement, the prohibition prescribed by this section shall not be a defense for such person.
(d) This section shall not be construed to extend any applicable statute of limitations or time for commencing civil actions against any person performing or furnishing the design, planning, supervision, or observation of construction or the construction of an improvement to real property.
(e) As used in this section, the word "person" shall mean an individual, partnership, corporation, association, or any other legal entity.