sec.53Improvements affecting premium

sec.53 Improvements affecting premium

This section applies if— improvements are made to a lot included in a specified two-lot scheme and, because of the improvements— the fixtures and fittings forming part of the lot are generally of a higher standard than the fixtures and fittings of the other lot in the scheme; and the premium for reinstatement insurance required to be taken out by the body corporate is likely to increase; or improvements are made to the common property, including improvements made under a right of exclusive use or licence, and— the improvements are made for the benefit of a lot included in the scheme; and because of the improvements, the premium for reinstatement insurance required to be taken out by the body corporate is likely to increase. The owner of the lot must give details of the nature and value of the improvements to— the owner of the other lot included in the scheme; and the body corporate; and the insurer with whom the body corporate has taken out a policy of reinstatement insurance. The notification must be given as soon as practicable after the improvements are substantially completed. If the owner of the lot does not comply with subsections (2) and (3) , the owner must reimburse the owner of the other lot for any payment that has to be made for the cost of reinstatement or repair of the lot or common property, but only to the extent that the necessity to make the payment can reasonably be attributed to the owner’s failure to comply with subsections (2) and (3) . (sec.53-ssec.1) This section applies if— improvements are made to a lot included in a specified two-lot scheme and, because of the improvements— the fixtures and fittings forming part of the lot are generally of a higher standard than the fixtures and fittings of the other lot in the scheme; and the premium for reinstatement insurance required to be taken out by the body corporate is likely to increase; or improvements are made to the common property, including improvements made under a right of exclusive use or licence, and— the improvements are made for the benefit of a lot included in the scheme; and because of the improvements, the premium for reinstatement insurance required to be taken out by the body corporate is likely to increase. (sec.53-ssec.2) The owner of the lot must give details of the nature and value of the improvements to— the owner of the other lot included in the scheme; and the body corporate; and the insurer with whom the body corporate has taken out a policy of reinstatement insurance. (sec.53-ssec.3) The notification must be given as soon as practicable after the improvements are substantially completed. (sec.53-ssec.4) If the owner of the lot does not comply with subsections (2) and (3) , the owner must reimburse the owner of the other lot for any payment that has to be made for the cost of reinstatement or repair of the lot or common property, but only to the extent that the necessity to make the payment can reasonably be attributed to the owner’s failure to comply with subsections (2) and (3) .