sec.187Insurance of common property and body corporate assets [SM, s 197 ]

sec.187 Insurance of common property and body corporate assets [SM, s 197 ]

The body corporate must insure, for full replacement value— the common property; and the body corporate assets. Subsection (1) (a) has effect only to the extent that the common property is not required to be insured under another provision of this part. A policy of insurance taken out under this section— must cover, to the greatest practicable extent— damage; and costs incidental to the reinstatement or replacement of insured buildings, including the cost of taking away debris and the fees of architects and other professional advisers; and must provide for the reinstatement of property to its condition when new. The owner of each lot that is included in the community titles scheme is liable to pay a contribution levied by the body corporate that is a proportionate amount of the premium for a policy of insurance taken out under this section that reflects the interest schedule lot entitlement of the lot. (sec.187-ssec.1) The body corporate must insure, for full replacement value— the common property; and the body corporate assets. (sec.187-ssec.2) Subsection (1) (a) has effect only to the extent that the common property is not required to be insured under another provision of this part. (sec.187-ssec.3) A policy of insurance taken out under this section— must cover, to the greatest practicable extent— damage; and costs incidental to the reinstatement or replacement of insured buildings, including the cost of taking away debris and the fees of architects and other professional advisers; and must provide for the reinstatement of property to its condition when new. (sec.187-ssec.4) The owner of each lot that is included in the community titles scheme is liable to pay a contribution levied by the body corporate that is a proportionate amount of the premium for a policy of insurance taken out under this section that reflects the interest schedule lot entitlement of the lot.

• (a) the common property; and
• (b) the body corporate assets.
• (a) must cover, to the greatest practicable extent— (i) damage; and (ii) costs incidental to the reinstatement or replacement of insured buildings, including the cost of taking away debris and the fees of architects and other professional advisers; and
• (i) damage; and
• (ii) costs incidental to the reinstatement or replacement of insured buildings, including the cost of taking away debris and the fees of architects and other professional advisers; and
• (b) must provide for the reinstatement of property to its condition when new.
• (i) damage; and
• (ii) costs incidental to the reinstatement or replacement of insured buildings, including the cost of taking away debris and the fees of architects and other professional advisers; and