Injured party has 1 year from discovery to file suit but not more than 10 years after substantial completion of the original construction.

http://www.legis.state.ak.us/basis/get_bill_text.asp?hsid=HB0151Z&session=23

A claim for personal injury, death, or property damage must be brought within 10 years of the earlier of substantial completion or the last act alleged to have caused the injury. The statute does not apply inter alia to a claim resulting from intentional or reckless disregard of design plans or building codes, nor does it apply to intentional or gross negligence. ALASKA STAT. § 09.10.055. Note that Alaska has special procedural rules relating to notice, etc. for suits brought against construction professionals for dwelling design, construction and remodeling claims. ALASKA STAT. §§ 09.10.054; 09.45.881 et seq.