Body Corporate and Community Management (Specified Two-lot Schemes Module) Regulation 2011
sec.48Insurance of common property and body corporate assets
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sec.48 Insurance of common property and body corporate assets
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, as far as practicable— 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 a specified two-lot scheme is liable to pay a contribution 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.48-ssec.1) The body corporate must insure, for full replacement value— the common property; and the body corporate assets. (sec.48-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.48-ssec.3) A policy of insurance taken out under this section— must cover, as far as practicable— 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.48-ssec.4) The owner of each lot that is included in a specified two-lot scheme is liable to pay a contribution 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, as far as practicable— (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