sec.52Premium

sec.52 Premium

The owner of each lot that is included in a specified two-lot scheme and is covered by reinstatement insurance required to be taken out by the body corporate is liable to pay a contribution that is a proportionate amount of the premium for reinstatement insurance that reflects— for a lot created under a building or volumetric format plan of subdivision—the interest schedule lot entitlement of the lot; and for a lot created under a standard format plan of subdivision—the cost of reinstating the buildings on the lot. The body corporate may, by a lot owner agreement, adjust the contribution payable by an owner of a lot under subsection (1) in a way that fairly reflects— the extent to which the premium relates to fixtures and fittings that— form part of the lot; and are generally of a higher standard than the fixtures and fittings of the other lot included in the scheme; or the extent to which the premium relates to improvements made to the common property that benefit the lot; or the proportion of the total risks covered by the policy attributable to activities carried on, or proposed to be carried on, on the owner’s lot. (sec.52-ssec.1) The owner of each lot that is included in a specified two-lot scheme and is covered by reinstatement insurance required to be taken out by the body corporate is liable to pay a contribution that is a proportionate amount of the premium for reinstatement insurance that reflects— for a lot created under a building or volumetric format plan of subdivision—the interest schedule lot entitlement of the lot; and for a lot created under a standard format plan of subdivision—the cost of reinstating the buildings on the lot. (sec.52-ssec.2) The body corporate may, by a lot owner agreement, adjust the contribution payable by an owner of a lot under subsection (1) in a way that fairly reflects— the extent to which the premium relates to fixtures and fittings that— form part of the lot; and are generally of a higher standard than the fixtures and fittings of the other lot included in the scheme; or the extent to which the premium relates to improvements made to the common property that benefit the lot; or the proportion of the total risks covered by the policy attributable to activities carried on, or proposed to be carried on, on the owner’s lot.

• (a) for a lot created under a building or volumetric format plan of subdivision—the interest schedule lot entitlement of the lot; and
• (b) for a lot created under a standard format plan of subdivision—the cost of reinstating the buildings on the lot.
• (a) the extent to which the premium relates to fixtures and fittings that— (i) form part of the lot; and (ii) are generally of a higher standard than the fixtures and fittings of the other lot included in the scheme; or
• (i) form part of the lot; and
• (ii) are generally of a higher standard than the fixtures and fittings of the other lot included in the scheme; or