sec.56Public risk insurance

sec.56 Public risk insurance

The body corporate must maintain public risk insurance of the common property and relevant assets. The body corporate is not required to maintain public risk insurance of any other property. a lot in the scheme The insurance must provide coverage— for amounts the body corporate becomes liable to pay for— compensation for death, illness and bodily injury; and damage to property; and to the extent of— at least $10m for a single event; and at least $10m in a single period of insurance. In this section— relevant assets means body corporate assets for which it is practicable to maintain public risk insurance. (sec.56-ssec.1) The body corporate must maintain public risk insurance of the common property and relevant assets. (sec.56-ssec.2) The body corporate is not required to maintain public risk insurance of any other property. a lot in the scheme (sec.56-ssec.3) The insurance must provide coverage— for amounts the body corporate becomes liable to pay for— compensation for death, illness and bodily injury; and damage to property; and to the extent of— at least $10m for a single event; and at least $10m in a single period of insurance. (sec.56-ssec.4) In this section— relevant assets means body corporate assets for which it is practicable to maintain public risk insurance.

• (a) for amounts the body corporate becomes liable to pay for— (i) compensation for death, illness and bodily injury; and (ii) damage to property; and
• (i) compensation for death, illness and bodily injury; and
• (ii) damage to property; and
• (b) to the extent of— (i) at least $10m for a single event; and (ii) at least $10m in a single period of insurance.
• (i) at least $10m for a single event; and
• (ii) at least $10m in a single period of insurance.
• (i) compensation for death, illness and bodily injury; and
• (ii) damage to property; and
• (i) at least $10m for a single event; and
• (ii) at least $10m in a single period of insurance.