sec.119Valuation for insurance purposes [ SM, s 200 ]

sec.119 Valuation for insurance purposes [ SM, s 200 ]

This section applies if, under this part, a body corporate must insure 1 or more buildings for full replacement value. The body corporate must, at least every 5 years, obtain an independent valuation stating the full replacement value of the building or buildings. The owner of each lot included in the community titles scheme is liable to pay a contribution levied by the body corporate for the cost of the valuation of the building or buildings that is proportionate to the amount of the premium for reinstatement insurance for the building or buildings for which the owner is liable under this part. The contribution that the owner of a lot is liable for may be recovered by the body corporate as part of the owner’s annual contribution to the administrative fund. (sec.119-ssec.1) This section applies if, under this part, a body corporate must insure 1 or more buildings for full replacement value. (sec.119-ssec.2) The body corporate must, at least every 5 years, obtain an independent valuation stating the full replacement value of the building or buildings. (sec.119-ssec.3) The owner of each lot included in the community titles scheme is liable to pay a contribution levied by the body corporate for the cost of the valuation of the building or buildings that is proportionate to the amount of the premium for reinstatement insurance for the building or buildings for which the owner is liable under this part. (sec.119-ssec.4) The contribution that the owner of a lot is liable for may be recovered by the body corporate as part of the owner’s annual contribution to the administrative fund.