Body Corporate and Community Management (Accommodation Module) Regulation 2020
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Body Corporate and Community Management (Accommodation Module) Regulation 2020
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Turn the raw legal text into a practical explanation grounded in Body Corporate and Community Management (Accommodation Module) Regulation 2020.
The body corporate must maintain public risk insurance of the common property and relevant assets. The body corporate is not required to maintain public risk insurance of any other property. a lot owned by a person other than the body corporate The insurance must provide coverage— for amounts the body corporate becomes liable to pay for— compensation for death, illness and bodily injury; and damage to property; and to the extent of— at least $10m for a single event; and at least $10m in a single period of insurance. In this section— relevant assets means body corporate assets for which it is practicable to maintain public risk insurance. (sec.196-ssec.1) The body corporate must maintain public risk insurance of the common property and relevant assets. (sec.196-ssec.2) The body corporate is not required to maintain public risk insurance of any other property. a lot owned by a person other than the body corporate (sec.196-ssec.3) The insurance must provide coverage— for amounts the body corporate becomes liable to pay for— compensation for death, illness and bodily injury; and damage to property; and to the extent of— at least $10m for a single event; and at least $10m in a single period of insurance. (sec.196-ssec.4) In this section— relevant assets means body corporate assets for which it is practicable to maintain public risk insurance.