sec.50Insurance for buildings with common walls

sec.50 Insurance for buildings with common walls

This section applies if— 1 or both of the lots included in a specified two-lot scheme are created under a standard format plan of subdivision; and a building on 1 lot has a common wall with a building on the other lot. The body corporate must arrange a single policy of insurance with the same insurer to cover each building mentioned in subsection (1) (b) for its full replacement value. 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; and must be taken out in the name of the body corporate. 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.50-ssec.1) This section applies if— 1 or both of the lots included in a specified two-lot scheme are created under a standard format plan of subdivision; and a building on 1 lot has a common wall with a building on the other lot. (sec.50-ssec.2) The body corporate must arrange a single policy of insurance with the same insurer to cover each building mentioned in subsection (1) (b) for its full replacement value. (sec.50-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; and must be taken out in the name of the body corporate. (sec.50-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.

• (a) 1 or both of the lots included in a specified two-lot scheme are created under a standard format plan of subdivision; and
• (b) a building on 1 lot has a common wall with a building on the other lot.
• (a) must cover— (i) damage; and (ii) 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
• (i) damage; and
• (ii) 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
• (b) must provide for the reinstatement of the buildings to their condition when new; and
• (c) may give effect, in whole or part, to a voluntary insurance scheme; and
• (d) must be taken out in the name of the body corporate.
• (i) damage; and
• (ii) 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