Body Corporate and Community Management (Commercial Module) Regulation 2020
sec.153Public risk insurance [ SM, s 206 ]
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sec.153 Public risk insurance [ SM, s 206 ]
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.153-ssec.1) The body corporate must maintain public risk insurance of the common property and relevant assets. (sec.153-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.153-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.153-ssec.4) In this section— relevant assets means body corporate assets for which it is practicable to maintain public risk insurance.
- (a) for amounts the body corporate becomes liable to pay for— (i) compensation for death, illness and bodily injury; and (ii) damage to property; and
- (i) compensation for death, illness and bodily injury; and
- (ii) damage to property; and
- (b) to the extent of— (i) at least $10m for a single event; and (ii) at least $10m in a single period of insurance.
- (i) at least $10m for a single event; and
- (ii) at least $10m in a single period of insurance.
- (i) compensation for death, illness and bodily injury; and
- (ii) damage to property; and
- (i) at least $10m for a single event; and
- (ii) at least $10m in a single period of insurance.