sec.118Insurance for buildings with common walls [ SM, s 199 ]

sec.118 Insurance for buildings with common walls [ SM, s 199 ]

This section applies if— 1 or more of the lots included in the community titles scheme are created under a standard format plan of subdivision; and in 1 or more cases, a building on 1 lot has a common wall with a building on an adjoining lot. The body corporate must insure, for full replacement value, each building mentioned in subsection (1) (b) . A policy of insurance taken out under this section— must cover— damage; and costs incidental to the reinstatement or replacement of the buildings, including the cost of taking away debris and the fees of architects and other professional advisers; and must provide for the reinstatement of the buildings to their condition when new; and may give effect, in whole or part, to a voluntary insurance scheme. The body corporate is liable to pay any contribution that has to be made to the cost of reinstatement or repair because the reinstatement insurance is not for the full replacement value of the insured property. The body corporate need not insure a building or a part of a building under subsection (2) if— the scheme is a subsidiary scheme for another community titles scheme (the other scheme ); and under subsection (2) , or an equivalent provision of another regulation module, the body corporate for the other scheme is required to insure the building or the part of the building. (sec.118-ssec.1) This section applies if— 1 or more of the lots included in the community titles scheme are created under a standard format plan of subdivision; and in 1 or more cases, a building on 1 lot has a common wall with a building on an adjoining lot. (sec.118-ssec.2) The body corporate must insure, for full replacement value, each building mentioned in subsection (1) (b) . (sec.118-ssec.3) A policy of insurance taken out under this section— must cover— damage; and costs incidental to the reinstatement or replacement of the buildings, including the cost of taking away debris and the fees of architects and other professional advisers; and must provide for the reinstatement of the buildings to their condition when new; and may give effect, in whole or part, to a voluntary insurance scheme. (sec.118-ssec.4) The body corporate is liable to pay any contribution that has to be made to the cost of reinstatement or repair because the reinstatement insurance is not for the full replacement value of the insured property. (sec.118-ssec.5) The body corporate need not insure a building or a part of a building under subsection (2) if— the scheme is a subsidiary scheme for another community titles scheme (the other scheme ); and under subsection (2) , or an equivalent provision of another regulation module, the body corporate for the other scheme is required to insure the building or the part of the building.

• (a) 1 or more of the lots included in the community titles scheme are created under a standard format plan of subdivision; and