sec.49Insurance of building including lots

sec.49 Insurance of building including lots

This section applies if 1 or both of the lots included in a specified two-lot scheme are created under a building format plan of subdivision or a volumetric format plan of subdivision. The body corporate must insure, for full replacement value, each building in which is located a lot included in the scheme, to the extent that the building is scheme land. A policy of insurance taken out under this section— must cover— 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 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 building or the part of the building is scheme land; and the whole of the building is the subject of a building management statement registered under the Land Title Act 1994 ; and the building management statement provides for insurance for the building to a level comparable with insurance otherwise required under this part; and the insurance is in place. This section applies subject to provisions of this part about insurance of buildings mutually dependent for support on a common wall. s 49 amd 2024 SL No. 40 s 53 (sec.49-ssec.1) This section applies if 1 or both of the lots included in a specified two-lot scheme are created under a building format plan of subdivision or a volumetric format plan of subdivision. (sec.49-ssec.2) The body corporate must insure, for full replacement value, each building in which is located a lot included in the scheme, to the extent that the building is scheme land. (sec.49-ssec.3) A policy of insurance taken out under this section— must cover— 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.49-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.49-ssec.5) The body corporate need not insure a building or a part of a building under subsection (2) if— the building or the part of the building is scheme land; and the whole of the building is the subject of a building management statement registered under the Land Title Act 1994 ; and the building management statement provides for insurance for the building to a level comparable with insurance otherwise required under this part; and the insurance is in place. (sec.49-ssec.6) This section applies subject to provisions of this part about insurance of buildings mutually dependent for support on a common wall.