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Body Corporate and Community Management (Specified Two-lot Schemes Module) Regulation 2011
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Body Corporate and Community Management (Specified Two-lot Schemes Module) Regulation 2011
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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 specified two-lot scheme is liable to pay a contribution 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.51-ssec.1) This section applies if, under this part, a body corporate must insure 1 or more buildings for full replacement value. (sec.51-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.51-ssec.3) The owner of each lot included in the specified two-lot scheme is liable to pay a contribution 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.